Nvidia rose on the New York Stock Exchange on Tuesday, helped by positive comments from UBS analysts that put into perspective concerns that have weighed on the stock recently.
Just over an hour into trading, the AI chip maker’s stock rose nearly 0.8%, while the Nasdaq Composite Index rose less than 0.1%.
UBS said in a research note that the stock price has been trending without a clear direction since its last quarterly issue in November, a phenomenon that is linked to supply chain concerns and Blackwell’s new The research firm believes that the pace of architecture adoption is to blame.
The research firm believes concerns about a possible “precipitous decline” in near-term results are “overblown” and is confident the company will deliver solid results in the fourth quarter (ending January). This is supporting the forecast for the first quarter. (Ends in April).
Still, the stock is a buy, and UBS maintains a $185 price target, indicating upside potential of more than 34%.
In the stock market, NVIDIA’s stock price has remained almost unchanged (-0.2%) over the past three months. Meanwhile, the S&P 500 index is up more than 2%.
Nvidia is scheduled to release its quarterly results at the end of February.
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