Nvidia's stock experienced a boost on Monday as investors eagerly anticipated the chipmaker's first-quarter earnings report, set to be released after the markets close on Wednesday. Analysts revised their expectations higher ahead of the report, contributing to the bullish sentiment surrounding Nvidia.

According to consensus estimates compiled by Visible Alpha, analysts now anticipate Nvidia's revenue to reach $24.74 billion for the first quarter, with net income projected at $12.91 billion or $5.19 per share. These figures represent a slight increase from last week's projections.

With the prospect of stronger results, some analysts have raised their price targets for Nvidia. Barclays analysts, for instance, lifted their price target for the stock to $1,100 from $850, citing favorable checks suggesting a potential upside of more than $1 billion for the first quarter and $2 billion for the July quarter. Stifel analysts also increased their price objective to $1,085 from $910, highlighting Nvidia as a top pick in relation to the AI infrastructure investment theme.

However, there are concerns that investors' expectations may be too high, potentially leading to a significant movement in Nvidia's stock price following the earnings announcement. Bank of America analysts noted that based on talks with investors, expectations seem to surpass consensus estimates. Bullish investors are anticipating first-quarter revenue of $26 billion, ahead of analysts' estimates, and guidance close to $28 billion for the July quarter. In comparison, analysts project second-quarter revenue to be around $26.96 billion.

Analysts warn that even if Nvidia were to deliver on these bullish expectations, the stock might still react unfavorably. Susquehanna analysts expressed the need for at least a $1.5 billion beat for a muted reaction. The options market indicates that traders are expecting shares to potentially move around 10% in either direction.

Nvidia shares closed Monday's intraday trading session up 2.4% at $947.10. Since the beginning of the year, the stock has nearly doubled in value, reflecting investors' confidence in the company's future prospects.

Nvidia has a history of experiencing significant stock movements surrounding earnings reports. In February, the stock dropped before the earnings report and then surged more than 9% in extended trading after the results beat estimates. This led to Nvidia's market capitalization surpassing $2 trillion in the days that followed.

Investors and analysts alike will now eagerly await Nvidia's first-quarter earnings report, poised to make crucial decisions based on the company's performance. The outcome of the report and the subsequent reaction of Nvidia's stock could have lasting implications for the chipmaker and the broader market.