RBC hikes Nvidia's price target to highest on Wall Street ahead of earnings

Jensen Huang, CEO of Nvidia
Rick Wilking | Reuters

Semiconductor company Nvidia is in for strong earnings this week, according to RBC Capital Markets.

The firm raised its earnings estimates and hiked its price target to $301 per share from $251 per share, making RBC the highest target price on Wall Street, according to FactSet. The new target implies about 19% upside from Friday's closing price of $251.59 per share.