Chip maker
Nvidia
‘s price target was raised at KeyBanc overnight. The shares were rising in premarket trading.
Analysts led by John Vinh increased their
Nvidia
(ticker: NVDA) price target to $550 from $500 as part of a broader review of the semiconductor industry. The move follows
Morgan Stanley
reiterating on Monday that Nvidia is a top pick and has significant upside.
Nvidia advanced 0.7% in premarket trading Tuesday to $424.90.
The potential uses of artificial intelligence have fueled Nvidia’s 189% gain this year, propelling it to be the first $1 trillion semiconductor maker. The trend isn’t going to change any time soon, Nvidia said.
Among chip makers, Nvidia is “fundamentally best positioned, as we are seeing increasing demand trends across the entire supply chain for generative AI servers. Robust demand is not only coming from cloud [computing companies] but also enterprise and from AI start-ups,” the KeyBanc analysts wrote.
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