By Sam Boughedda
Investing.com — Shares of Nvidia Corporation (NASDAQ:NVDA) jumped 7.5% on Tuesday, currently trading over $250, a new intraday all-time high.
While there has been no stock-specific news so far on Tuesday, its shares touched a peak of $252.59.
Yesterday, Piper Sandler analyst Harsh Kumar made a bullish call on the stock, raising the price target to $260 from $225, keeping an overweight rating.
With Nvidia set to report its earnings on Nov. 17, Kumar said he is a “bit more constructive” on the gaming chip maker following an eBay scraping analysis.
In a research note, the analyst told investors that the data implies there could be a decoupling between bitcoin prices and secondary market GPU price premiums, which would displace “one of the major investor hang-ups” around Nvidia.
Kumar believes that as a result, it could bolster the company’s market share in the GPU segment as more would be available for its gaming customers ahead of the holiday shopping period.
Nvidia Stock Rallies to New All-Time High
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