Shares of Nvidia (NASDAQ:NVDA) rose nearly 8% last week, following bullish analyst remarks.
On Monday, Nvidia's stock price appeared to benefit from positive comments from Morningstar. "After taking a fresh look at our thesis on Nvidia, we are raising our moat rating to wide from narrow, thanks to intangible assets related to the design of graphics processing units (GPUs)," said Morningstar analyst Abhinav Davuluri. Essentially, this means the research company believes Nvidia is widening its lead in GPU technology, which, in turn, is strengthening its competitive advantages over its rivals.
On Thursday, Citigroup analyst Atif Malik reiterated his buy rating on Nvidia's stock and boosted his price forecast from $180 to $223. If declining cryptocurrency prices lead to a sell-off in the chipmaker's stock price, Malik believes investors should pounce on the chance to scoop up shares at a discount ahead of the release of Nvidia's new GPUs next year.
And on Friday, Argus analyst Jim Kelleher lifted his price target on Nvidia from $175 to $230. Kelleher also argued that Nvidia's stock is a buy, based on the strong demand for its chips in markets like gaming and data centers, as well as its attractive growth opportunity in autonomous vehicles.
Analysts are understandably growing more bullish on Nvidia's growth prospects. The tech giant's GPU technology is best-in-class -- at a time when demand for these chips is soaring in a wide array of industries.
Nvidia's sales and profits, in turn, are likely to remain impressive in the quarters ahead. And that could help its stock price not just hit, but exceed, these new price targets.