Wells Fargo Names Semiconductor Stock a 'Signature Pick'

Year-over-year, NVDA is up more than 77%

Digital Content Manager
Mar 16, 2022 at 10:25 AM
facebook X logo linkedin

Nvidia Corporation (NASDAQ:NVDA) is up 3.2% at $237.16 at last check, after Wells Fargo named it a "signature pick." The brokerage firm noted the company's investor day on Tuesday, March 22, may bring positive updates, and also highlighted the chipmaker's strong risk/reward profile after the market's recent tumble.

The security has been testing a floor at the $210 level since January, which captured the stock's pullback from its February rally to the $270 area. Today's pop has shares eyeing a close above the 20-day moving average, which has kept a lid on NVDA for about one month. Year-over-year, Nvidia stock boasts a 77.1% year-over-year lead.

With 19 of the 22 analysts in question carrying a "buy" or better rating, it's fair to say the brokerage bunch is overwhelmingly bullish towards NVDA. What's more, the 12-month consensus target price of $341.17 is a 45.1% premium to the security's current levels.

The last time we checked on Nvidia stock, calls were running red-hot. It appears that short-term options traders remain call-biased, given the security’s Schaeffer's put/call open interest ratio (SOIR), which sits higher than just 7% of readings in its 12-month range. 

It's also worth noting NVDA's Schaeffer's Volatility Scorecard (SVS) sits at 93 out of 100, meaning the equity has exceeded option traders' volatility expectations during the past year.



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