Nvidia (NASDAQ:NVDA) stock is on the move Friday as investors react to a new price target from Morgan Stanley analyst Joseph Moore.
That new price target has Moore expecting shares of NVDA stock to reach $304 each. For the record, the firm’s prior price target for the shares was $255 each. Also, that new price target represents a potential 19% upside from Thursday’s close. It’s also looking good next to the analysts’ consensus price target of $245.32 per share.
In addition to that new price target, the Morgan Stanley analyst also upgraded shares of NVDA stock. This has him bumping it up to an “overweight” rating from an “equal weight” rating. For comparison, the analysts’ consensus rating for NVDA shares is “moderate-buy” based on 36 opinions.
What’s Behind The Bullish NVDA Stock Rating?
The Morgan Stanley analysts said the following in a note to clients obtained by CNBC:
“While our views that NVIDIA would see tactical numbers challenged in both gaming and data center have largely played out, the development of generational AI is too much of a megatrend to get distracted by tactical concerns. The stock will continue to be hard to ignore in an otherwise challenging semiconductor environment.”
NVDA stock is up 2.2% as of Friday morning and is up 82.5% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the biedexmarkets.com.com Publishing Guidelines.