Matthew Ramsay from TD Cowen has maintained an Outperform rating for Nvidia. The analyst team has increased its price target from $600 to $700 per share. This represents close to a 50% premium from current price levels and suggests a strong growth story behind artificial intelligence and its development.
Nvidia has been outperforming the broader market for 2023 and has gained over 200% for the year.
TD Cowen maintains that "the suite of superior technology, long pedigree of innovation, and extensive growth-oriented investments should continue to allow for strong, sustained, above-peer growth across a widening set of AI verticals."
Since July, Nvidia has been moving sideways. However, its EMAs are starting to show angle and separation (black ellipse). The green 5-week EMA is starting to pull away from the orange 10-week EMA, which suggests that underlying momentum is increasing. Nvidia's weekly RSI remains above 50 (green rectangle), which is the bullish side of the indicator. If it maintains on this side, the momentum is likely to be price supportive.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.