Wells Fargo analyst Aaron Rakers raised the Nvidia price target to $715 from $625 and maintained an overweight rating on the shares, according to The Fly. The analyst’s rating reflects Nvidia’s GTC announcements which he believes positively highlight the company’s platform depth and expanding portfolio.
Rakers believes Nvidia’s expanding portfolio addresses a broader range of end markets, from a deepening data center strategy to 5G edge compute and others.
The GTC announcements reinforce the view that Nvidia is positioned as the best secular growth story in the semis.Nvidia stock is currently gaining. NVDA: NASDAQ is up 1.61%.
