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stock edged higher Tuesday after a Tigress Financial Partners analyst raised his price target for chip maker to a new Wall Street high.
Tigress analyst Ivan Feinseth increased his target price for Nvidia (ticker:
) stock to $410 from $400 and reiterated a Buy rating. His move breaks a four-way tie, as Credit Suisse, Needham, and Rosenblatt all have $400 price targets. The mean target price for the stock, based on 40 target prices, is $343.47, according to FactSet.
Nvidia stock inched up 0.2% on Tuesday. The shares have lost 3% this year, but gained 121% over the last 12 months.
In a research note, Feinseth wrote that the target increase was due to the positive takeaways from Nvidia’s investor day, the GTC Conference, which highlighted new products and the company’s ongoing advancements in artificial intelligence.
“NVDA continues to expand its leadership position in all areas, including running the world’s most advanced data centers and applications for AI, machine learning, and Edge Computing,” Feinseth wrote.
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