GOLDMAN RAISES PRICE TARGET OF NVIDIA, STOCK RISES
Nvidia Corp.’s stock is currently trading at 177.11-higher by 2.63% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.19%. The stock has erased all of its earlier losses and turned positive after the opening bell.
Investment bank Goldman Sachs raised its price target on the company’s stocks to $192 per share from $179 a share. The investment bank, however, reiterated a buy rating on stocks of the chipmaker. Goldman Sachs price target represents an upside of about 9% from the current levels.
The investment bank hiked its price target supported by momentum in its gaming business. Goldman Sachs expects the chipmaker to deliver strong sequential growth in its third fiscal quarter driven by the normalization in channel inventory and the launch of its new products. Stocks of the chipmaker have rallied around 30% so far in 2019.
On the technical front, the RSI is currently at 54.42% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger Bands and is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 176.75 TAKE PROFIT AT 178.50 STOP LOSS AT 175.85