U.S. Stock Market News | Supported by Morgan Stanley, NVIDIA Surges Over 10%
NVIDIA's stock rose by over 10% to $114.86 with the support of analysts at Morgan Stanley. Morgan Stanley has re-rated NVIDIA's stock as a "top pick" with a target price of $144. Other chip stocks also rose, with Qualcomm up 4%, TSMC up 5%, and AMD up 8%
According to Zhitong Finance, on Wednesday, NVIDIA (NVDA.US) stock price rebounded strongly, rising over 10% as of the time of publication to $114.86. Morgan Stanley analyst Joseph Moore and his team released a research report expressing optimism about NVIDIA's long-term growth potential, expecting market concerns to diminish over time. Morgan Stanley re-evaluated NVIDIA stock as a "top pick" and maintained an "overweight" rating. They believe that this round of selling may present a very good buying opportunity, setting NVIDIA's target price at $144, 38.8% higher than Tuesday's closing price.
Other chip stocks also rose, with Qualcomm (QCOM.US) up over 4%, TSMC (TSM.US) up over 5%, and AMD (AMD.US) up over 8%