Chipmaker Nvidia Flies Higher But Indicates Local Top May Be In: A Bull, Bear Case
Portfolio Pulse from Melanie Schaffer
Nvidia Corporation's stock rose by 1.5% after TD Cowen analyst Matthew Ramsay maintained an Outperform rating and increased the price target to $700. The chipmaker's stock has increased by over 8% since October 11, indicating potential further gains. However, the stock may also continue downwards for a short period, and aggressive traders may decide to short the stock. The stock's relative strength index is nearing the 70% mark, indicating that it may soon be overbought.
October 12, 2023 | 6:47 pm
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Nvidia's stock rose after an Outperform rating by TD Cowen analyst and may see further gains. However, the stock may also continue downwards for a short period and may soon be overbought.
The news of the Outperform rating by TD Cowen analyst and the increase in price target to $700 has positively impacted Nvidia's stock. However, the stock's relative strength index nearing the 70% mark indicates that it may soon be overbought, which could lead to a short-term downward trend.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100