Nvidia gets Piper upgrade as analyst says there’s lots to love about the GPU company
Nvidia gets Piper upgrade as analyst says there’s lots to love about the GPU company...
Nvidia came out of the gate swinging this morning, with shares rising about 4% shortly after Tuesday’s opening bell.
While that was pretty much the top of today’s bullish action for the stock, as it gave back about 50% of the morning move by the time the closing bell rung, the analyst upgrade that drove the stock higher suggests that the computer graphics company has room to run.
The upgrade was courtesy of investment bank Piper Jaffray, who tagged the company with an ‘overweight’ rating and a price target at $200, about a 25% premium over its current stock price.
The Jaffray analyst said that there’s huge growth potential in the gaming sector for Q-3 & Q-4, which in turn would power significant Nvidia growth.
Additionally, with the company being the largest supplier in the graphics processing unit (GPU) universe, not only would it benefit from growth in that sector, but in the rapidly expanding autonomous vehicle market as well.
Nvidia ended Tuesday’s session at $176.85, a gain of 1.7%.