Nvidia hit a record high in stocks despite the coronavirus
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Nvidia's share price hit a record high of $ 311 today, after Bernstein raised the stock to a higher rating on Tuesday afternoon.
Nvidia's shares hit a $ 311 ceiling
Bernstein analyst Stacy Rasgon said failing to improve Nvidia's actions earlier was a "mistake, " Seeking Alpha reported, due to Turing's increasing popularity and increased spending on hyperscale clouds. She was also said to be excited about the future acquisition of Mellanox for $ 6.9 billion that will be closed soon.
The rising stock price may come as a surprise following Nvidia's warning last week that the Coronavirus outbreak could affect its supply chain. Those fears led her to cut $ 100 million from her earnings for the first quarter, although it is said that "the final effect of the coronavirus is difficult to estimate."
Bernstein set a new target price of $ 360, above $ 300, for Nvidia after improving its rating. Although the company's stock price has not even come close to that number at the time of writing, it has bounced between $ 310 and $ 311.
Visit our guide on the best graphics cards on the market
Nvidia is expected to reveal new GPUs at GTC 2020 in late March, which could once again motivate the company's actions if they get it right. We will keep you informed.
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