Nvidia Stock Rises. What’s Driving the Chip Maker

Dow Jones02-16

Nvidia was rising early Friday after dropping the previous day. The chip maker is getting more price-target upgrades from Wall Street.

Nvidia shares were up 1.8% in premarket trading at $739.86.

The stock closed down 1.7% at $726.58 on Thursday. That put only a tiny dent in a rally that has taken Nvidia shares up 47% this year so far.

Oppenheimer analyst Rick Schafer joined the chorus of optimism ahead of Nvidia’s earnings report on Feb 21. He raised his target price on the stock to $850 from $650 on Thursday, while keeping an Outperform rating.

Schafer said he expects a 22% rise in Nvidia’s data-center revenue for the January quarter from the prior quarter and noted investors will be keen for an update on its sales into China in the face of restrictions on advanced chip exports.

“We see several structural tailwinds driving sustained outsized top-line growth including generative AI, DC/AI accelerators and autonomous vehicles. We believe these factors justify its valuation,” Schafer wrote in a research note.

Nvidia was rising alongside other chip makers. Advanced Micro Devices was up 0.9% in premarket trading and Intel was up 0.2%

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Pepecries
02-16
Pepecries
Great news! NVDA to the moon!

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