Bank of America Securities lifted its price target to $460 from $420
Semiconductor name Nvidia Corporation (NASDAQ:NVDA) is modestly higher this morning, up 0.8% at $396.82, after Bank of America Securities hiked its price target to $460 from $420. The analyst said it saw strength in the video game space, which NVDA has a heavy hand in, especially thanks to major consoles releases from Microsoft (MSFT) and Sony (SNE) this year.
Today's lift marks another all-time high for NVDA stock. And not only that, the equity is pacing for its sixth straight win on the charts -- its longest since May. Its rally off March lows has been impressive, with several pullbacks deftly captured by the 20-day moving average. For the year, NVDA is now up over 67%.
Overall, analyst sentiment has been quite bullish, though there are a few holdouts. Of the 29 in coverage, 23 say "buy" or better, five say "hold," and one analyst still gives it a "strong sell" rating.
Options players, meanwhile, have rarely been more bearish. While NVDA's 10-day put/call volume ratio of 0.58 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) indicates that calls are still outnumbering puts on an overall basis, this ratio stands higher than 79% of readings from the past year. This suggests a much healthier-than-usual appetite for long puts of late.