Nvidia News: Why NVDA Stock Is Shooting 7% Higher Today

Nvidia (NASDAQ:NVDA) is in the news Monday after analysts’ updates sent NVDA stock higher.

Nvidia (NVDA) logo on the indoor wall of a corporate building made of yellow tiles
Source: JHVEPhoto / Shutterstock.com

The first update for NVDA stock comes from Susquehanna’s Christopher Rolland. The firm is keeping its current rating for the company but is upping the price target to $540 per share.

That new price target is a 20% jump from Rolland’s previous price target of $450 per share. It’s also sitting 16.7% higher than NVDA stock’s closing price of $462.56 when markets closed on Friday. It’s also worth pointing out that this new price target is the highest among analysts covering the stock.

Rolland wasn’t the only analyst increasing their price target for NVDA stock. A second update today comes from Oppenheimer analyst Rick Schafer. This has him setting a new price target of $500 per share for the stock.

While that’s not as high as Rolland’s new price target, it’s a 25% increase over Schafer’s previous price target of $400 per share. The price target is also 8.1% above the stock’s closing price on Friday.

So what exactly is behind these new price targets? In Rolland’s case, the analyst believes that the launch of Ampere gaming graphics next month will be good news for Nvidia. Schafer’s positive take on the company comes from earnings expectations. He expects NVDA to perform well when it releases its earnings for the second quarter of 2020 on Wednesday, reports MarketWatch.

NVDA stock was up 6.9% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/nvidia-news-boost-nvda-stock-higher/.

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