Shares of Nvidia Corp. (NVDA) are up 2.8% in premarket trading Monday after BMO Capital Markets analyst Ambrish Srivastava upgraded the stock to outperform from market perform and upped his price target to $425 from $285. "While there is no one single event we can point to which has led us to change our thinking, the continued execution on the data center side, along with the latest product rollout, has helped," he wrote. "We believe NVIDIA is uniquely positioned to continue to benefit from a massive shift in the compute landscape." He said that Nvidia's software architecture and GPU positioning set the company up to be "the prime beneficiary" of growth in the size and types of data-center workloads over the next five years. Nvidia shares have added 44% so far this year as the S&P 500 has declined 11%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 18, 2020 07:55 ET (11:55 GMT)
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