© Reuters.

By Kim Khan

Investing.com – Chipmaker Nvidia (NASDAQ:) jumped to an all-time high Wednesday following a Wall Street upgrade, with shares topping $300.

Shares of Nvidia climbed 4.9% to $311.10 in morning trading.

Bernstein upgraded the stock to outperform from market perform and raised its price target to $360 from $300 per share.

Bernstein analyst Stacy Rasgon said that the rise is shares lately is built on a stable foundation, with traction for its Turing GPU architecture and less exposure to cryptocurrency in gaming.

The closing of the Mellanox Technologies (NASDAQ:) acquisition could also be a catalyst for shares, Rasgon said.

Nvidia announced last March it would buy Israeli networking company Mellanox for $6.9 billion.

Susquehanna upgraded Mellanox to positive yesterday, saying it sees Chinese regulatory approval progressing.

Of the 40 analysts covering Nvidia there are 29 buy ratings, with nine neutral ratings and two sell ratings, according to Investing.com.

The average price target on the stock is $268.55.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

2020-02-19