NVDA Stock News: Nvidia regains $200 price level following market rally on Fed rate hike
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CLAIM OFFER- NASDAQ: NVDA gained 3.73% during Wednesday’s trading session.
- Morgan Stanley is still bullish on NVIDIA despite Wall Street's low price target.
- AMD is gaining market share in two areas where NVIDIA has dominated.
NASDAQ: NVDA rose sharply alongside the broader markets on Wednesday as stocks soared following the Fed’s half percentage point rate hike announcement. The hike was anticipated, but is the largest interest rate hike by the Fed since 2000. Investors are optimistic that the Fed’s rate hikes will be able to curb inflation and avoid an economic recession. On Wednesday, shares of NVDA jumped by 3.73% and closed the trading day at $203.34. All three major averages reversed higher as the Dow Jones gained 932 basis points, while the S&P 500 and NASDAQ rose by 2.99% and 3.19% respectively during the session.
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Earlier this week, Morgan Stanley resumed coverage of NVIDIA’s stock ahead of its Q1 earnings report later this month. Investors might have thought that the equal weight rating and street-low $217 price target were bearish, but the firm reiterated that NVIDIA is a core holding and one of the best growth stocks on the market. The tentative short-term outlook stems from an overvalued multiple and potential headwinds for the remainder of the year. Still, the sentiment from Morgan Stanley is bullish on NVIDIA for the long-term.
NVDA stock forecast
It was another stellar earnings call from AMD (NASDAQ: AMD) who reported a 71% increase in sales for the quarter. Two of the sectors where AMD outperformed were in data centers and gaming chips, which have traditionally been areas dominated by NVIDIA. Much of NVIDIA’s upcoming earnings will likely be compared to AMD’s stellar numbers, particularly in those two sectors. So far this quarter, chip companies have surprised with better than expected earnings from the likes of AMD, ON Semiconductor (NASDAQ: ON), and Qualcomm (NASDAQ: QCOM).
- NASDAQ: NVDA gained 3.73% during Wednesday’s trading session.
- Morgan Stanley is still bullish on NVIDIA despite Wall Street's low price target.
- AMD is gaining market share in two areas where NVIDIA has dominated.
NASDAQ: NVDA rose sharply alongside the broader markets on Wednesday as stocks soared following the Fed’s half percentage point rate hike announcement. The hike was anticipated, but is the largest interest rate hike by the Fed since 2000. Investors are optimistic that the Fed’s rate hikes will be able to curb inflation and avoid an economic recession. On Wednesday, shares of NVDA jumped by 3.73% and closed the trading day at $203.34. All three major averages reversed higher as the Dow Jones gained 932 basis points, while the S&P 500 and NASDAQ rose by 2.99% and 3.19% respectively during the session.
Stay up to speed with hot stocks' news!
Earlier this week, Morgan Stanley resumed coverage of NVIDIA’s stock ahead of its Q1 earnings report later this month. Investors might have thought that the equal weight rating and street-low $217 price target were bearish, but the firm reiterated that NVIDIA is a core holding and one of the best growth stocks on the market. The tentative short-term outlook stems from an overvalued multiple and potential headwinds for the remainder of the year. Still, the sentiment from Morgan Stanley is bullish on NVIDIA for the long-term.
NVDA stock forecast
It was another stellar earnings call from AMD (NASDAQ: AMD) who reported a 71% increase in sales for the quarter. Two of the sectors where AMD outperformed were in data centers and gaming chips, which have traditionally been areas dominated by NVIDIA. Much of NVIDIA’s upcoming earnings will likely be compared to AMD’s stellar numbers, particularly in those two sectors. So far this quarter, chip companies have surprised with better than expected earnings from the likes of AMD, ON Semiconductor (NASDAQ: ON), and Qualcomm (NASDAQ: QCOM).
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