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
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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.

 

 

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