NVIDIA Corp (NASDAQ:NVDA) shares are trading higher Wednesday following an analyst upgrade.
New Street Research analyst Pierre Ferragu upgraded Nvidia from a Neutral rating to a Buy rating and announced a $280 price target.
According to several reports, Ferragu believes Nvidia offers an attractive valuation at current levels given increased visibility on cryptocurrency slowdown risks, as well as the company's positive datacenter forecast.
On Tuesday, Keybanc analyst John Vinh maintained Nvidia with an Overweight rating and lowered the price target from $350 to $310.
Related Link: Why This Nvidia, Qualcomm Analyst Is Lowering Price Targets For These Chip Stocks
Nvidia is a top designer of discrete graphics processing units that enhance experiences on computing platforms. The company's chips are used in a variety of end markets.
NVDA 52-Week Range: $134.59 - $346.47
According to data from Benzinga Pro, the stock was up 3.59% at $22.73 at time of publication.
Photo: courtesy of Nvidia.
