KeyBanc raises Nvidia price target, sees more than 65% upside

Stabilizing Chinese demand and a shift towards higher-priced GPUs could boost this semiconductor stock, according to Keybanc.

A shift towards higher-priced processing units could further boost shares of Nvidia , according to KeyBanc. The firm upgraded raised its price target on the semiconductor maker to $750 from $670, implying a potential upside of 67% from Monday's close. KeyBanc has an overweight rating on the stock. Nvidia has been the posterchild for this year's artificial intelligence-fueled run, rallying more than 200% in that time.

mountain NVDA ytd chart "We are seeing improving demand trends in smartphones, where multiple supply chain partners are seeing rush orders, and in PCs, where 3Q PC shipments are slightly better. Automotive demand remains strong more broadly and in particular within Evs, with growth expected to track to 10%+ growth in 2023," he wrote.

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