NVIDIA Corporation (NVDA) Stock: Up On Analyst Upgrade


NVIDIA Corporation NVDA Stock NewsAnalysts at J.P. Morgan are excited about NVIDIA Corporation (NASDAQ: NVDA), and their excitement is leading to excitement among investors. In a recent note, the stock was upgraded, leading to a strong run in value in the market this morning. Today, we’ll talk about:

  • The analyst upgrade;
  • what we’re seeing from NVDA stock as a result; and
  • what we’ll be watching for ahead.

NVDA Gets Upgraded By J.P. Morgan

As mentioned above, NVIDIA is having a great day in the market today after the company was the center of an upgrade. In a recent note, Harlan Sur, an analyst at J.P. Morgan upgraded the stock from neutral to overweight. The upgrade comes as Sur believes that investors are underestimating secular gaming trends with more than 30 new titles being set to be released in the next 2 quarters.

The analyst also said that NVDA has potential to take advantage of e-sports as the sector continues to gain in popularity. Sur also pointed to the company’s high-performance computing , which he believes has remained solid.

Interestingly, while the analyst upgraded the stock, he reduced the price target. The new price target is $255, $10 lower than the previous target. However, the price target decrease comes following a 34% drop in value at NVDA over the past month.

What We’re Seeing From The Stock 

At the end of the day, when analysts speak, investors tend to listen. While Sur did decrease the price target for NVDA, he showed a serious bode of confidence when he upgraded the stock. The price target makes sense as the stock has seen tremendous declines as of late. However, the with a trusted analyst opinion being that the stock will likely recover in a big way ahead, investors are excited and the stock is making its way for the top. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:26), NVDA is trading at $192.23 per share after a gain of $6.61 per share or 3.56% thus far today.

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on NVDA. In particular, we’re interested in following the story surrounding the company’s continued strong hold in the high-performance computing space and whether or not Sur hit the head on the gains the company will see as a result of the growing gaming and e-sports industries. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks.

Never Miss The News Again

Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!

Subscribe Today!

* indicates required


Please enter your comment!
Please enter your name here