Courtesy of NVIDIA
Analyst Atif Malik added the chip maker to the firm’s catalyst watch list, encouraged by management’s virtual address at CES earlier this week. He expects an upside within 90 days, he wrote in a research note on Friday.
“Management commented strong holiday gaming season, solid data center demand trends, and gaming/networking foundry supply to improve in 2H this year,” Malik said.
Nvidia’s (ticker: NVDA ) quarterly earnings report in February and the launch of a new data center and gaming products at the flagship GPU Technology Conference (GTC) in March will be further positive catalysts for the stock, he added.
“We note that NVDA stock generally outperforms the market in new product cycle launch years,” Malik said.
The analyst maintained a Buy rating on the stock and a $350 price target.
The shares were down 2.5% to $274.90. Earlier this week, Nvidia and other chip stocks tumbled after the Federal Reserve’s policy meeting minutes from December suggested that the central bank would raise interest rates earlier and faster.
Write to Sabrina Escobar at [email protected]