(Bloomberg/Carmen Reinicke) — A slew of Wall Street analysts covering Nvidia Corp. are boosting their expectations for the chipmaker’s stock ahead of its quarterly earnings release due Aug. 27.

At least nine analysts have lifted their 12-month price targets on the company this week alone, raising the average price by 3% to nearly $194, the highest on record. The level implies more than 13% upside from where shares traded at Thursday’s close, according to data compiled by Bloomberg.

“What you’re seeing is the recognition that growth at Nvidia is rock solid,” said Brian Mulberry, client portfolio manager at Zacks Investment Management. “Analysts are raising projections because they simply need to; the stock is not going to slow down.”

The boosted expectations come amid a selloff in megaca

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