Morgan Stanley analyst Joseph Moore moved Nvidia (NVDA) back to its top pick in semiconductors, replacing Micron (MU). For the last two quarters Nvidia shares have not moved while the business has continued to strengthen, the analyst tells investors in a research note. The firm attributes this to concerns around the durability of Nvidia’s current growth. Morgan Stanley sees these concerns turning to “2027 enthusiasm in the coming months.” The stock, trading at 18-times Nvidia’s 2027 estimated earnings, offers a “surprisingly good entry point,” Morgan Stanley contends. It keeps an Overweight rating on Nvidia with a $260 price target.
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