Nvidia ‘s upcoming quarterly earnings report could show a “marginal improvement,” said Jason Snipe, principal of Odyssey Capital Advisors. The chipmaking company is slated to report its fiscal first-quarter results on Wednesday after the bell. Nvidia’s shares have already more than doubled in 2023, but more upside could be ahead, Snipe said. “It’s not a cheap stock here, but truth be told, Nvidia hasn’t been cheap in a long time,” he said on Tuesday. Snipe said he expects Nvidia to post a slight revenue beat of approximately 2%. In its fiscal fourth quarter , the chip giant posted earnings of 88 cents per share on revenue of $6.05 billion, beating Wall Street’s estimates, according to Refinitiv. The boom in artificial intelligence will be a continued boost for Nvidia, Snipe added. “Clearly, they have benefited from the AI shift and rage all around and excitement around AI, and I think that will continue to benefit the stock,” he said. Nvidia introduced a slate of new products at its GTC conference in March , and Snipe added that he expects “some positive returns here.” While options are implying a 6% to 7% move either upward or downward ahead for the stock, Snipe said he believes Nvidia is a good play either way. “I expect if it doesn’t pull back, I do think you should add here,” he said. “Even though it’s run up a lot into the print, I do think there’s continued upside.”
This story originally appeared on CNBC
