Nvidia could rise an additional 21% from here, says Morgan Stanley Wealth Management.
Nvidia is poised for even bigger gains from current prices, according to Morgan Stanley Wealth Management. In a note published on Thursday, the asset manager wrote that it had increased its position in the dominant maker of graphics processing units, or GPUs, used in artificial intelligence. Morgan Stanley Wealth Management currently has an overweight rating on Nvidia. Nvidia bucked the broader market selloff to rise 3.7% on Thursday, extending its advance this week to 8.4%.
Nvidia shares sell for a "valuation in line with historical trough multiples," and its growth potential justifies a higher valuation, Morgan Stanley said. The bank sees Nvidia's as a leader in AI GPUs, noting its economies of scale and pricing power. "This multiple reflects a premium to other semiconductor peers, due to expansion in all AI names as well as the team's higher conviction in estimates given NVDA's higher AI exposure," the firm wrote.
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