NVDA stock price prediction: Morgan Stanley issues $304 price target for Nvidia shares

Nvidia (NASDAQ:NVDA) the stock is in motion on Friday as investors react to a new price target from Morgan Stanley analyst Joseph Moore.

This new price target has Moore expecting NVDA shares to hit $304 each. For the record, the company’s previous price target for the shares was $255 each. Additionally, this new price target represents a potential upside of 19% from Thursday’s close. It also looks good next to analysts’ consensus price target of $245.32 per share.

In addition to this new price target, the Morgan Stanley analyst also upgraded NVDA shares. This moved him to an “overweight” rating from an “equal weight” rating. For comparison, the analyst consensus rating for NVDA stock is “Moderate Buy” based on 36 opinions.

What’s behind NVDA’s bullish rating?

Morgan Stanley analysts said the following in a note to clients obtained by CNBC:

“While our view that NVIDIA would see tactical numbers challenged in both gaming and data centers has largely materialized, the development of generational AI is too much of a megatrend to be distracted. by tactical concerns. The action will continue to be hard to ignore in an otherwise challenging semiconductor environment.”

NVDA stock is up 2.2% Friday morning and 82.5% year-to-date.

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As of the date of publication, William White had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com publishing guidelines.