Redburn Atlantic analyst Timm Schulze-Melander initiated coverage of the stock this week with a "buy" rating. The analyst set the price target at $178, implying upside of 21% over the current share price of $147 at the time of writing.

Related: Analysts revisit Nvidia stock price targets with Q3 earnings in focus Whether it's cars, real estate or Beanie Babies, somebody somewhere is telling you've got to buy whatever they're selling right here and now or forever hold your peace.

Nvidia (NVDA) shares rose Tuesday after analysts at Mizuho raised their price target for the company’s stock ahead of its third-quarter results due next week. The firm upped its target from $140 to $165, slightly above the analysts consensus near $160 ...

To that end, Nvidia bears frequently highlight custom AI chips from big technology companies like Amazon ( AMZN 2.48%) and Alphabet ( GOOGL -1.51%) ( GOOG -1.54%) as cause for alarm. While both companies have designed custom silicon for their data centers, recent commentary should put Nvidia investors at ease.

Nvidia’s outlook for the January quarter may not wow Wall Street when the company posts earnings next week. But Mizuho analysts see bright prospects for later next year.

The company has regularly impressed the market with earnings ahead of expectations but it might struggle to do so this time.