NVIDIA Corporation NVDA has evolved to become an indomitable force in the gaming sector, while also making strong inroads into several growth areas, prompting an analyst to be positive on the stock.
The Analyst
Wells Fargo's Aaron Rakers maintained an Overweight rating on Nvidia and increased the price target from $240 to $270. (See his track record here)
The Thesis
Nvidia represents the most significant investor sentiment upside, driven by expectations of a meaningful acceleration in data center growth through 2020 and continued strong notebook adoption, Rakers said.
Rakers expects Nvidia to point to continued positive visibility on the reco
"We maintain a positive view on the strategic positioning / future leverage of NVIDIA's pending acquisition of Mellanox (close in early-2020)," Rakers wrote in a note.
The firm designated Nvidia as its top semiconductor idea into 2020.
Price Action
Nvidia shares traded higher by 1.5% to $238.95, having hit a 52-week intra-day high of $240.39 earlier in the session.
Related Links:
Nvidia Has One Of The Best Opportunities To Maintain High Multiple, Morgan Stanley Says In Upgrade
Bank Of America Likes AMD, Nvidia Ahead Of 2020 Gaming Market Recovery
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