Nvidia Stock Pops on Another Bull Note

The analyst believes Nvidia can dominate the next wave of computing

Managing Editor
Sep 14, 2018 at 9:39 AM
facebook X logo linkedin


The Coca-Cola Co
The Coca-Cola Co
The Coca-Cola Co
The Coca-Cola Co
The Coca-Cola CoChi

Chip stock Nvidia Corporation (NASDAQ:NVDA) is up 1.5% at $275.50 in early trading, moving higher after Needham analyst Rajvindra Gill lifted his price target to $350 from $325, and raised his fiscal 2019 earnings forecast to $7.89 per share. Gill believes the company's artificial intelligence data center platform, TensorRT Hyperscaler, will continue to take market share, adding the company is "uniquely positioned to capitalize on this next wave of computing."

Overall, Nvidia stock has been climbing higher on the charts, most recently touching a fresh record high of $285.22 on Sept. 4. Despite a brief pullback and Citron's big bear note, NVDA has a year-over-year lead north of 60%.

Analyst sentiment has been mostly optimistic toward Nvidia stock, with 19 of the 26 covering firms sporting "buy" or better recommendations. Plus, the security's average 12-month price target of $290.70 stands at a sharp premium to current levels and in all-time-high territory.

Looking toward options, the semiconductor name sports a Schaeffer's put/call open interest ratio (SOIR) of 0.93, which ranks in the 31st percentile of its annual range. In other words, near-term options traders have not been more call-skewed in the past year toward NVDA.
 

Lastly, now seems to be an attractive time for near-term traders to target options. This is based on the security's Schaeffer's Volatility Index (SVI) of 28%, which sits just 5 percentage points from an annual bottom, indicating low volatility expectations are being priced into short-term contracts.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI