CNBC’s Cramer: Nvidia Shares Have More Room to Run
Nvidia (NVDA) shares have been on a tear this year, more than tripling in price, and now CNBC’s Jim Cramer is echoing a Wall Street analyst’s call that the stock has more room to run.
Analysts at Melius Research are bullish on Nvidia, saying the stock is “quite cheap” compared to other semiconductor peers and that its software is not adequately appreciated by investors. This positive outlook has helped to lift the shares even higher.
Nvidia’s knockout quarter has convinced Cramer that the stock still has plenty of growth prospects. The company has seen strength in sales of its networking and software, as well as an expanding customer base. Melius Research reiterated its buy rating on Nvidia and set a target price of $750, representing more than a 55% upside from its current trading level of $482 per share.
The stock, which is one of the 35 holdings in Cramer’s Charitable Trust, closed at a record high on Nov. 20, just above $504 per share.
However, despite the positive momentum, there are still aspects of Nvidia that analysts believe are underappreciated. For example, its software division is not fully valued by the market, a factor that could continue to drive the stock higher.
Investors and analysts have been impressed by Nvidia’s performance and its potential for further growth. The recent surge in its stock price is not seen as a peak, but rather as the beginning of a new chapter of growth and success.
Cramer and the analysts at Melius Research both agree that Nvidia has plenty of room to run, and with a target price set well above its current trading level, there is potential for significant upside for investors.
For those who are invested or considering investing in Nvidia, the positive sentiment from Wall Street and influential figures like Cramer could provide confidence and assurance in the company’s future prospects.
In conclusion, despite the substantial gains that Nvidia has already made this year, there is a consensus among analysts and experts that the stock has more room to run and is poised for further growth.
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