Nvidia Stock Surges Following Wells Fargo Commentary

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Nvidia Stock Surges Following Wells Fargo Commentary
Credit: © Reuters.

By Sam Boughedda

Investing.com — Nvidia Corporation (NASDAQ: NVDA ) stock soared 17% Thursday trading in anticipation of a product role out at a conference next week.

The stock was trading around $311.77 in mid-afternoon. investors are enthusiastic over the future of the metaverse and the chipmaker's role in it.

The move adds to Nvidia's recent gains, closing higher for the past six days in a row. 

Today's surge has come on the back of commentary from Wells Fargo analyst Aaron Rakers. 

The analyst raised the stock's price target from $245 to $320, maintaining an overweight rating. Rakers said the catalyst for his PT rise is the expectation that Nvidia will launch its Omniverse Enterprise platform at the GPU Technology Conference next week. 

Nvidia's Omniverse is described by the company as "an end-to-end collaboration and simulation platform that fundamentally transforms complex design workflows."

Rakers believes the launch of the platform will be one of the key highlights of the conference. 

On the 29th of October, BoA provided a similar view after reiterating its buy rating on Nvidia. BoA analyst Vivek Arya said the company will be one of the beneficiaries of Facebook's push into the metaverse.

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