Nvidia (NASDAQ:NVDA) stock is getting a boost on Wednesday from Morgan Stanley analyst Joseph Moore increasing his price target for the tech company’s shares.
This sees the Morgan Stanley analyst raising his price target for NVDA stock from $603 per share to $750 per share. That represents an about 10% potential increase over its prior closing price. It’s also bullish next to the analyst consensus price prediction of $612.68 per share.
Investors will note that Moore continues to maintain an “overweight” rating for NVDA stock alongside this price target increase. For the record, the analyst consensus rating for NVDA shares is a moderate buy based on 39 opinions.
What’s Behind the New NVDA Stock Price Target?
Here’s what the Morgan Stanley analysts had to say about Nvidia in a note to clients obtained by Seeking Alpha:
“Near term GPU cloud instances remain very tight, as developers are telling us there are still long waiting lists to train models […] Developer contacts tell us that they are still having to wait months to train; though those wait times are coming down, they are still long, and speak to high profits in provisioning GPUs in cloud.”
All of this also comes with an increased data center outlook for NVDA in 2024 and 2025. Moore is expecting that to hit $88 billion in 2024 and slightly higher than that in 2025.
NVDA stock is up slightly as of Wednesday morning.
Investors on the lookout for all of the hottest stock market stories will want to keep reading!
We have all of the latest market coverage that investors need to know about on Wednesday! Among that is what’s happening with shares of Triumph (NYSE:TGI), Snap (NYSE:SNAP) and MariaDB (NYSE:MRDB) stock today. You can find out more on these matters down below!
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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.
