NVIDIA Corp (NVDA)

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NVIDIA extends gains as Goldman upgrades to Buy on expected stock outperformance
By: Investing.com | February 23, 2023

Shares of Nvidia (NASDAQ:NVDA) have continued to trade higher in pre-market Thursday after Goldman Sachs analysts upgraded to Buy from Neutral with a price target of $275 per share.

The upgrade move comes after Nvidia stock rallied over 110% from October 2022 to this February, when it exceeded $230 per share for the first time in 10 months.

"In hindsight, we acknowledge that our decision to remain on the sidelines in anticipation of a pullback in the company’s fundamentals was wrong. Looking ahead, while we recognize that the stock has meaningfully outperformed the group YTD, we are upgrading the stock from Neutral to Buy," the analysts wrote in an upgrade note.

They said Nvidia delivered "impressive" results, driven by higher-than-expected Gaming revenue and disciplined expense management.

"We believe the combination of positive estimate revisions and a potential expansion in the stock’s multiple - consistent with historical recovery phases - will drive continued outperformance in the stock," the analysts added.

As of 08:30 EST (13:30 GMT), Nvidia shares trade 11% higher in pre-market.

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