Why Nvidia Stock Popped on Wednesday
Shares of Nvidia (NASDAQ: NVDA) surged higher Wednesday, jumping as much as 3.3%. As of 12:46 p.m. ET, the stock was still up 3.1%.
The catalyst that sent the semiconductor specialist higher was analyst reaction to announcements made during Nvidia's 2022 Global Technical Conference (GTC).
Oppenheimer analyst Rick Schafer maintained his outperform (buy) rating and $250 price target on the stock, which represents 90% upside for investors compared with Tuesday's closing price. Schafer cited the pending launch of Nvidia's GeForce 40 Series, noting that he believes the company's gaming business is now de-risked, given the recent stock price decline and reset of expectations. More importantly, he believes the current headwinds are transitory and the investing thesis remains intact.
Source Fool.com
