Nvidia Corp. (NASDAQ:NVDA) shares got a boost Tuesday morning after Morgan Stanley bumped the stock to Overweight and a Needham analyst remained positive, despite recent headwinds for the chipmaker.
Morgan Stanley’s Joseph Moore wrote in a note that strength in the gaming segment offsets any near-term crypto weakness as he raised the rating from Equal Weight. He held his price target at US$258.
Shares rise before the bell
The stock added 3.6% to US$223.28 before the bell.
Needham’s Rajvindra Gill wasn’t fazed by new competitors in the crypto-mining space, nor the crash of a self-driving Uber vehicle in March.
"We argue that both events will have an immaterial financial impact to NVDA's bottom line, but more importantly miss the larger opportunity," Gill wrote in a note.