NVIDIA (NASDAQ: NVDA) stock jumped 5% after Raymond James analyst Chris Caso gave a bullish commentary.
The analysts upgraded the stock to “strong-buy” from “outperform” with a price forecast from $700 to $750. Caso’s new estimate represents possible gains of 16% for investors from the current stock price of $646. The analyst is optimistic that the current chip supply shortage will improve with NVIDIA’s supply to large companies benefiting as people start returning to office work. Notably, the company’s leadership in AI will be an advantage in the fast-growing cloud computing sector.
Since its announcement to foray into the massive CPU market, NVIDIA’s stock has been performing well. The company plans to enter the market with its ARM-based “Grace” chip, thus pitting the company in competition with other CPU companies such as Advanced Micro Devices (NASDAQ: AMD) and Intel (NASDAQ: INTC). Most importantly, based on the recent stock gains, it seems investors like the company’s chances to compete for CPU market share with rivals. NVIDIA is a stock to watch in the coming months.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.