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Nvidia’s stock is currently trading at 252.91-higher by 0.52% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 0.48%. The stock has continued gaining after the opening bell.
RBC Capital markets raised its price target on stocks of Nvidia to $301 a share from $251 per share. The firm’s price target represents an upside of around 19% from the share’s previous closing price of $251.59. RBC Capital raised its price target citing that the fourth-quarter earnings are likely to come in above the high end of the graphics chip maker’s guidance due to strong gaming and data center markets.
The semiconductor company is scheduled to report its earnings for the quarter ending 31st January after the market closes on Thursday. Nvidia’s revenue is expected to increase for the first time in a year. The graphic chip maker’s annual GTC conference is scheduled to be held in March at which new products are expected to be announced. Wells Fargo has an overweight rating on stocks of the semiconductor company. Stocks of Nvidia have rallied 6.92% Year-to-date.
On the technical front, the RSI is currently at 61.05% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- STOP BUY AT 254.00 TAKE PROFIT AT 255.50 STOP LOSS AT 253.30