Nvidia Is Surging With Rest of Tech Into Tuesday's Investor Day
(Bloomberg) -- Nvidia Corp. is riding the wave in technology sector strength ahead of its annual investor day.
The stock is up as much as 4.2 percent Monday as analysts expect a slew of product announcements in addition to the reiteration of strong trends in gaming, machine learning and autonomous vehicles. Goldman’s Toshiya Hari, who has one of the highest price targets out there at $300 per share, earlier reiterated his buy rating on optimism into the event.
But some analysts don’t see the event moving the needle much. Bank of America Merrill Lynch’s Vivek Arya said in a note to expect strong product and tech announcements, but a "muted stock reaction in keeping with past events." Morgan Stanley’s Joseph Moore concurred, given the company has already revealed partnerships "with almost everyone of relevance" in autonomous vehicles, leaving less chance of any major announcements.
Shares of Nvidia have gained 25 percent so far this year, far outpacing the almost 5 percent gain in the S&P 500 Information Technology Index.
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