What happened
Shares of Nvidia (NASDAQ: NVDA) soared in early trading this morning after an analyst raised his price target for the technology stock.
Nvidia's shares.rose more than 2% this morning before losing some of those gains and settling up just 0.3% at 1:16 p.m. ET.
So what
Tigress Financial analyst Ivan Feinseth raised his price target for Nvidia's stock from $400 to $410 today and kept a buy rating on its shares. In an investors note, Feinseth called Nvidia "the world's leading AI processing provider."
Image source: Getty Images.
Feinseth's bullish take on the stock comes after Nvidia's analyst day and its GPU Technology Conference. Following the events, the analyst says that artificial intelligence could end up being the world's most transformative technology.
"NVDA continues to expand its leadership position in all areas, including running the world's most advanced data centers and applications for AI, machine learning, and Edge Computing," Feinseth said in the note, according to Barron's.
Feinseth is also optimistic about the company's position in the nascent metaverse space with its Omniverse product, and said that Nvidia's GPUs "will drive acceleration" in the metaverse.
Investors were clearly happy with the analyst keeping his buy rating on the stock and bumping up the company's share-price target. They were also happy that the analyst believes the company could increase its revenue by 36% over the next year, thanks to rising data center demand.
Now what
Nvidia's stock has taken investors on a whirlwind ride as of late. The company's share price is down 4% year to date, but over the past 12 months Nvidia's stock has skyrocketed 119%.
With today's price target increase and Nvidia's opportunities in artificial intelligence and the metaverse, it's no surprise that investors are excited about the company's long-term prospects.
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Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns and recommends Nvidia. The Motley Fool has a disclosure policy.
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