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In the Premarket trading session on Monday, Nvidia’s stock was trading at 216.50- higher by 2.66% as compared to its previous close.
Investment bank Morgan Stanley today upgraded the graphic chipmaker’s stock. The investment bank upgraded Nvidia Corp’s rating to overweight from equal-weight. Morgan Stanley also raised its price target on stocks of the company to $259 a share from $217 per share citing improved sales prospects for both data center applications and gaming.
The investment bank expects Nvidia’s share racing even higher in the next year after a solid performance in a competitive year among semiconductor companies. Morgan Stanley sees an 18% growth in Nvidia’s gaming business in 2020. In the data center, the investment bank expects the company’s business roughly doubling over the next three years. Stocks of the graphic chipmaker have climbed around 60% so far this year.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 216.40 TAKE PROFIT AT 217.80 STOP LOSS AT 215.70