Why Wall Street is Watching This Semiconductor Stock

NVDA has received a slew of price-target hikes this morning

Jake Scott

Deputy Editor

Nov 22, 2023 at 10:27 AM

NVDA

Shares of Nvidia Corp (NASDAQ:NVDA) are 4% lower to trade at $479.58 this morning, reversing modest premarket gains. While the chipmaker's third-quarter earnings and revenue beat Wall Street's estimates, the semiconductor firm did, however, warn that export restrictions -- especially to China -- could dent fourth-quarter sales.

Options volume is already running at triple the intraday average amount, with 245,000 calls and 136,000 puts exchanged so far today. Most popular is the weekly 11/24 500-strike call, followed by the 510-strke call in the same series, with new positions being bought to open at both.

No fewer than eight analysts lifted NVDA's price target in response, including Wells Fargo to $675. The brokerage bunch is already firmly planted in the bullish camp, too, considering all buy one covering analysts rate the equity a "buy" or better.

On the charts, Nvidia stock is back below $500 after Monday's all-time high. Year to date, the security is up more than 243%.

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