Nvidia (NVDA) – Get Report shares rose on Tuesday after analysts praised the semiconductor titan as it unveiled new products and issued a strong growth outlook for its data-center market.
The Santa Clara, Calif., graphics-chip specialist made the announcements during a technology conference.
Nvidia’s shares recently traded at $564.08, up 3.4%. They have well more than doubled year to date. And they have more than tripled since they touched a 52-week low $176.50 almost exactly a year ago.
As for the analyst comments, “Nvidia’s pace of innovation appears to be accelerating, and its execution is going into overdrive as it continues to expand its ecosystem and open up a much larger [total addressable market] in the compute landscape,” wrote BMO Capital Markets analyst Ambrish Srivastava.
He rates the stock outperform and increased his share-price target to $650 from $565.
J.P. Morgan analyst Harlan Sur has an overweight rating