Nvidia (NASDAQ: NVDA) inventory at the moment trades about 8.7% beneath its 52-week excessive of $974, however Wedbush analysts consider it might hit new highs prior to later.Wedbush Securities raised its worth goal from $850 to $1,000, representing a 12% upside from the present share worth of $890. Analysts on the agency anticipate constructive information from Nvidia at subsequent week’s International Know-how Convention (GTC) will increase the inventory.Is Nvidia inventory a purchase?Nvidia often reveals necessary information about partnerships and demand developments within the knowledge heart market that may very well be useful to the enterprise. In fact, the query is how a lot development is already factored into the inventory worth after surging 590% during the last three years.Analysts count on Nvidia to report year-over-year income development of 273% to succeed in $24.3 billion within the April-ending fiscal first quarter. Earnings per share are anticipated to develop even sooner as robust demand for high-end chips boosts the corporate’s margins. The inventory trades at a price-to-earnings (P/E) ratio of 74. Nevertheless, utilizing analysts’ earnings estimates for this 12 months, the ahead P/E drops to a extra cheap 36.Nvidia inventory is dear, however the enterprise is rising quickly. There’s room for the shares to maneuver larger relying on the corporate’s outlook past the following quarter.That is why Wedbush could be proper about constructive information from GTC benefiting the inventory. Analysts will probably be listening to any insights about demand developments for knowledge heart merchandise, which made up 83% of the enterprise final quarter.Nonetheless, no matter course the inventory strikes within the subsequent few months will pale compared to the inventory’s efficiency over the following a number of years. On that word, administration sees the information heart infrastructure market price a whole lot of billions per 12 months within the subsequent 5 years, which might help new highs for the inventory.Must you make investments $1,000 in Nvidia proper now?Before you purchase inventory in Nvidia, think about this:The Motley Idiot Inventory Advisor analyst workforce simply recognized what they consider are the 10 finest shares for traders to purchase now… and Nvidia wasn’t considered one of them. The ten shares that made the lower might produce monster returns within the coming years.Story continuesStock Advisor supplies traders with an easy-to-follow blueprint for achievement, together with steering on constructing a portfolio, common updates from analysts, and two new inventory picks every month. The Inventory Advisor service has greater than tripled the return of S&P 500 since 2002*.See the ten shares*Inventory Advisor returns as of March 11, 2024John Ballard has positions in Nvidia. The Motley Idiot has positions in and recommends Nvidia. The Motley Idiot has a disclosure coverage.Nvidia Inventory Has 12% Upside, In accordance This Wall Avenue Analyst was initially revealed by The Motley Idiot