Morgan Stanley upgrades Nvidia to overweight, says AI narrative could boost shares nearly 20%
It's time to buy shares of Nvidia as excitement around artificial intelligence shows no signs of waning, Morgan Stanley said. Analyst Joseph Moore upgraded shares to overweight from equal weight, saying in a Thursday note to clients AI developments outweigh persisting challenges in areas such as gaming.
mountain Nvidia shares so far this year After a difficult year, semiconductor stocks have rallied in 2023, with Nvidia shares up nearly 75% as of Thursday's close, following a 50% slump in 2022. According to Moore, the latest bounce back in semi shares has created "few bargains in areas with longer term growth potential," with Nvidia's trailing price-to-earnings multiple last at nearly 147 times.
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