Shares of Nvidia have surged more than 200% over the past year, and one of its most bullish analysts is projecting that the semiconductor giant will extend its rally, pushing its market value to nearly $5 trillion in the coming year.
Rosenblatt Securities analyst Hans Mosesmann on Tuesday hiked his price target on the chipmaker to a Wall Street high of $200 from $140. His raise follows the company’s recent 10-for-1 stock split on June 10. Nvidia rose as much as 2.7% Tuesday, hitting new intraday highs.
The Santa Clara, California-based company has dominated the market with its highly sought-after products that help power data centers running complex artificial intelligence computing tasks.
Mosesmann, who has had a buy rating on the stock since starting coverage in 2017, said he was positive about Nvidia’s hardware offerings, but noted that “the real narrative lies in the software that complements all the hardware goodness.”
