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Nvidia’s (NVDA) new gaming chips send shares 3.1% higher
Nvidia (NVDA) stock traded 3.1% higher on Wednesday after closing the previous session at a record high as investors reacted positively to the company’s new line of gaming GPUs.
On Tuesday evening, Nvidia announced three new gaming cards, the RTX 3070, RTX 3080 and RTX 3090, which will offer the “greatest generational leap” ever, according to CEO Jen-Hsun Huang.
The Ampere cards are set to go on sale over the next six weeks and will support cutting-edge tech such as ray tracing and a performance boost at 4K resolution and 60 frames per second.
Investors were surprised at the affordability of the new chips, with the new RTX 3070 set to retail for just $499 while running faster than the $1,199 RTX 2080 Ti released last year.
The strong showing prompted a number of analysts to hike NVDA ratings and price targets in midweek.
Credit Suisse’s John Pitzer stood pat on an outperform rating and added $90 to a new $620 price target.
Pitzer expects the new chips to drive gaming growth through Q3 and beyond.
RBC Capital Markets’ Mitch Steves also went from $528 to $610 and reiterated an outperform rating.
Steves believes that Nvidia is now comfortably the “secular winner in the semiconductor space”.
He added that NVDA stock is in a very good position and will trade higher in the near term as well as growing in the long term.
Nvidia currently has 31 buy ratings compared to four at hold and four at sell.
Nvidia shares rose early on Wednesday and were up 3.53% to $572.18 at 12:40pm ET on the Nasdaq.
NVDA stock has now made gains of 36% during the last three months.
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