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.

More In Pro News and Analysis

CNBC ProCNBC in 5 minutes: Here are all the stock calls made on CNBC today
CNBC ProBitcoin's correlation to stocks has never been higher. When Morgan Stanley thinks its price will bottom
CNBC ProArk Invest's Cathie Wood says inflation will unravel faster than expected