TD Cowen Maintains Outperform Rating For Nvidia

  • NVDA.us
    (${instrument.percentChange}%)

Comment

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."

Technical Analysis


Source: www.tradingview.com

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.

Russell Shor

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.

${getInstrumentData.name} / ${getInstrumentData.ticker} /

Exchange: ${getInstrumentData.exchange}

${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)

${getInstrumentData.oneYearLow} 52/wk Range ${getInstrumentData.oneYearHigh}
Disclosure

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.

Past Performance: Past Performance is not an indicator of future results.

Spreads Widget: When static spreads are displayed, the figures reflect a time-stamped snapshot as of when the market closes. Spreads are variable and are subject to delay. Single Share prices are subject to a 15 minute delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays, or for actions relying on this information.