Nvidia stock gains after Bank of America boosts target to Street-high $650 – MarketWatch

Shares of Nvidia Corp.

are up more than 3% in Wednesday morning trading after Bank of America analyst Vivek Arya upped his price objective on the stock to $650 from $600. The new target is higher than all those listed for Nvidia on FactSet. Arya is feeling more enthusiastic about Nvidia after the company priced its new Ampere card more competitively than he anticipated, a move that could drive upgrades among three quarters of the company’s base using Pascal or older-generation technology, in his view. “We believe Ampere adds the performance boost (4K at 60 frames/second) both for traditional AND ray-traced games even on traditional games that Turing often compromised on, leading some Pascal gamers to forgo the Turing upgrade,” Arya wrote, while maintaining a buy rating on the stock. Arya joined at least five other analysts in boosting his price target on Nvidia shares after the company’s Ampere announcements Tuesday. The stock has rallied 36% over the past three months as the S&P 500

has gained 8.6%.