However, just this week analysts from Morgan Stanley and UBS raised their price targets on Nvidia stock to $160 and $185, respectively -- implying upside between approximately 10% and 28% as of market close on Nov. 11.

Thanks to five consecutive quarters of triple-digit revenue and profit growth, Nvidia stock has been on fire, up more than 900% (as of this writing) in less than two years. This has pushed the chipmaker's market cap above $3.

Ahead of Nvidia's earnings report, Piper Sandler raised its price target on Nvidia from $140 to $175, maintaining its overweight rating on the stock and calling the stock its top large-cap pick, according to reports. That target implies a 19% gain for the stock over the next 12 months.

Nvidia’s earnings could give a jolt to other AI semiconductor plays if the outlook impresses, but don’t expect software stocks to lose shine during a seasonally strong quarter.

Shares of Nvidia (NASDAQ: NVDA) are close to new highs heading into the next earnings report on Nov. 20. Earnings season can lead to wild swings in stock prices, but one analyst believes Nvidia shares are worth buying now.

Nvidia (NASDAQ: NVDA) has been the flag bearer for the artificial intelligence (AI) investing revolution since shortly after OpenAI's ChatGPT launched in November 2022. However, attention on the stock has waned in recent weeks as investors focused more on the presidential election results.

Nvidia reports its much-awaited third-quarter results next Wednesday after the market close. On Wednesday Mizuho analyst Jordan Klein said that analyst estimates for its January quarter are targeting $36 billion to $39 billion in revenue.