Nvidia (NVDA) stock was up on Monday after a top Wall Street analyst updated their coverage of the semiconductor company’s shares. Five-star Morgan Stanley analyst Joseph Moore reiterated an Overweight rating for NVDA stock and increased his price target to $250 from $235, suggesting a possible 39.27% upside for the shares.
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Moore’s decision to increase his price target for Nvidia stock comes after the analyst met with several sources in Asia and the U.S. Following these meetings, the analyst increased estimates that Nvidia will reach $500 billion in revenue thanks to its Blackwell and Rubin products. Moore decided against increasing the price target of NVDA stock when the company initially announced this revenue estimate at its previous GTC event or with recent earnings results, but is now willing to do so thanks to his independent research.
While Moore increased the price target for NVDA stock, he still expressed concern about the semiconductor company’s ability to reach $500 billion in revenue within five quarters, as its CEO claimed was possible at the GTC event. Even so, he said that “clearly the situation is strong.”
Nvidia Stock Movement Today
Nvidia stock was up 1.29% on Monday, building on a 33.55% year-to-date rally. The stock has also increased 27.68% over the past 12 months. These gains are largely tied to its artificial intelligence (AI) business, which has seen great demand during the ongoing AI boom.
Is Nvidia Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Nvidia is Strong Buy, based on 39 Buy, one Hold, and one Sell rating over the past three months. With that comes an average NVDA stock price target of $257.72, representing a potential 43.93% upside for the shares.
