Nvidia (NVDA) – Get Report shares rose as many of its competitors fell in Monday’s market swoon, indicating investors view the semiconductor giant as first in class.
In an example of that positive sentiment, Morningstar analyst Abhinav Davuluri recently wrote, “Following a fresh look at our thesis on Nvidia, we are raising our moat rating from narrow to broad, thanks to intangibles associated with graphics processing unit design. (GPUs).”
Nvidia recently traded at $757.42, up 4%. It is up 47% in the past six months amid its strong financial performance.
Earlier this month, Nvidia received a price target increase from Truist to $910 from $768, based on data center trends and software monetization. The investment firm confirmed its buy recommendation for shares of the company Santa Clara, California.
In addition, KeyBanc analyst John Vinh raised his one-year price target on Nvidia from $775 from $950 to $950. That came after BMO Capital Markets analyst Ambrish Srivastava raised his price target on the chip titan from $975 to a Wall Street high of $ 1,000, and confirmed an outperform rating.
Analysts have praised Nvidia since the company’s first quarter results, which came in better than expected.
Brent Kenwell of TheStreet wrote on July 8 that Nvidia shares represented a buy-the-dip candidate after a recent decline.
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