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Nvidia Corp.’s stock is currently trading at 350.09-higher by 3.08% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.8%. The stock has continued gaining after the opening bell.
BMO Capital Markets upgraded the chipmaker’s stock to outperform from market perform. The firm also hiked the target price of Nvidia to $425 per share from $285 a share. The continued execution on the data center side, along with the latest product rollout has led BMO Capital Markets to upgrade the chipmaker’s ratings. The firm believes the chipmaker is uniquely positioned to continue to benefit from a massive shift in the computer landscape.
BMO Capital Markets also said that the chipmaker’s software architecture and GPU positioning set it up to be the prime beneficiary of growth in the size and types of data-center workloads over the next five years. Nvidia is scheduled to report its quarterly earnings after the market closes on 21st May. Stocks of the chipmaker have risen about 49% Year-to-date.
On the technical front, the RSI is currently at 72.13% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 79% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 349 TAKE PROFIT AT 358 STOP LOSS AT 345