Things continue to look up for Nvidia with the chipmaker’s next earnings report on the horizon, according to Goldman Sachs. Analyst Toshiya Hari upped his price target on the artificial intelligence darling’s stock to $800 from $625, implying an upside of nearly 21% from Friday’s closing level. Hari also reiterated his buy rating on the stock. The price target hike comes as traders ready for the closely followed chipmaker’s earnings report, which is slated for later this month. “Consistent with recent years and quarters, we expect Nvidia’s FY4Q (January) results and FY1Q (April) outlook in its core Data Center segment to illustrate the ongoing wallet share shift from general-purpose compute (i.e. CPU) in favor of accelerated computing (i.e. GPU),” Hari wrote. In the run-up to that release, Hari said he’s been encouraged by signs of “sustained strength in demand for accelerated computing.” Those include early evidence of AI monetization at companies like Microsoft , as well as constructive commentary around capital spending tied to the technology from hyperscalers. Hari’s new prediction makes him more bullish than the average Wall Street analyst. The mean price target for Nvidia is $649.06, which reflects a downside of 1.9% from Friday’s close, per LSEG. The stock climbed 3.8% before the bell on Monday. Shares are off to a strong start for the year, soaring 33.6% while the S & P 500 has added just around 4%. NVDA 1Y mountain Nvidia over the last year Those gains come after the stock led the S & P 500 higher in 2023, finishing the year up more than 200% That rally was part of a broader market boom connected to the AI craze.