Why Is Nvidia Stock Trading Higher Friday?
Portfolio Pulse from Anusuya Lahiri
Nvidia Corp (NVDA) stock is trading higher due to progress in the Chinese market and a positive outlook from B of A Securities analyst Vivek Arya, who maintains a Buy rating and a $700 price target. Nvidia is seen as a major player in the AI accelerator market, expected to maintain a 75%+ market share. Arya also upgraded AMD (Advanced Micro Devices Inc) to Buy with a $165 price target, citing potential market share gains in the accelerator market. Intel Corp (INTC) was upgraded to Neutral with a $50 price target, as the company announced new AI chips and retained its chip manufacturing division. NVDA shares were up 1.43% at $490.39.
December 15, 2023 | 5:38 pm
News sentiment analysis
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POSITIVE IMPACT
AMD has been upgraded to Buy by B of A Securities with a price target of $165, as the company is expected to capture 5%-10% of the accelerator market share.
The upgrade to Buy and the new price target indicate a positive outlook for AMD's potential growth in the accelerator market, which could drive the stock price up in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80
POSITIVE IMPACT
Intel has been upgraded to Neutral from Underperform by B of A Securities with a price target of $50, as it introduces new AI chips and maintains its chip manufacturing division.
The upgrade to Neutral and the introduction of new AI chips suggest a potential improvement in investor sentiment, which may have a positive short-term impact on INTC's stock price.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Nvidia is favored by analysts for its strong position in the AI accelerator market and is expected to maintain a dominant market share, with a price target of $700 by B of A Securities.
The positive analyst rating and high price target, along with Nvidia's market share in AI accelerators, suggest a strong short-term bullish sentiment for NVDA stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100