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Why Nvidia Stock Popped Today

·2 min read
Why Nvidia Stock Popped Today
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Shares of semiconductor manufacturer Nvidia (NASDAQ: NVDA) -- a supplier of chips for everything from playing video games to mining cryptocurrency to performing artificial intelligence tasks -- are posting a tidy 2.3% gain as of 2:25 p.m. EDT Wednesday. In a note out this morning, Rosenblatt raised its price target on Nvidia stock 25% to $250 -- that's incidentally about 25% above where the stock trades today. Rosenblatt cites Nvidia's earnings power on "best-in-class AI" and its opportunities in next generation networking and data processing as well as autonomous driving software, and apparently believes even the company's 94-times-earnings valuation currently is not too much to pay for Nvidia stock.