Nvidia (NASDAQ: NVDA) posted big gains in Friday's trading. The artificial intelligence (AI) frontrunner's share price closed out the daily session up 4.6%, according to data from S&P Global Market Intelligence.

In a note published this morning, Evercore maintained an outperform rating on Nvidia stock heading into earnings and raised its price target from $145 per share to $150. At the time of the note's publication, the new price target suggested upside potential of 19%.

In addition to the bullish analyst coverage, Nvidia stock got a boost from comments made by Federal Reserve Chairman Jerome Powell this morning. Powell stated that the time had come for a shift in interest rate policy, which strongly suggests the Fed will deliver a rate cut with its September meeting. Lower interest rates tend to be a bullish catalyst for the stock market at large, and low-rate environments often power particularly strong gains for growth stocks.

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Source Fool.com