Nvidia (NASDAQ:NVDA) stock is in the news Thursday after the tech company’s shares got new coverage from Wolfe Research analysts.
This new coverage has the firm’s analysts initiating NVDA stock with an “outperform” rating. For comparison, the analyst consensus rating for NVDA shares is a “moderate buy” based on 38 opinions.
To go along with that bullish rating, the Wolfe Research analysts also set a price target of $570 per share for NVDA stock. That represents a potential 21% upside for the shares compared to yesterday’s closing price. It’s also well above the analyst consensus price prediction of $421.58 per share for the stock.
What’s Behind the Bullish Stance on NVDA Stock
Here’s what the Wolfe Research analysts had to say about NVDA stock in a note to clients obtained by CNBC:
“There is no change to our fundamental positive thesis for NVDA […] Our conviction has only strengthened after the exceptional May earnings report, and we consider NVDA to be the strongest grower in semis for the next 5 years.”
Investors will keep in mind that the “outperform” rating for NVDA stock and high price target both come after a successful year for the company. That has resulted in its shares soaring 228.9% higher year-to-date (YTD) as of Wednesday’s close. However, the stock is down more than 1% as of Thursday morning.
There’s more stock market news that traders will want to read about down below!
We’ve got all of the latest stock market news that traders need to read about on Thursday! That includes why shares of Catalent (NYSE:CTLT) stock, BioSig Technologies (NASDAQ:BSGM) stock and Discover Financial (NYSE:DFS) stock are on the move today. You can read all about these matters at the following links!
More Thursday Stock Market News
- CTLT Stock Alert: What to Know as Elliott Takes a Stake in Catalent
- Why Is BioSig Technologies (BSGM) Stock Up 19% Today?
- Why Is Discover Financial (DFS) Stock Down 13% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
