Nvidia rises as New Street upgrades on 'attractive valuation,' data center outlook
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Nvidia (NASDAQ:NVDA) shares rose on Wednesday after investment firm New Street Research upgraded the semiconductor giant, noting its attractive valuation and likelihood for a strong outlook for its datacenter business.
Analyst Pierre Ferragu upgraded the stock to buy from neutral and raised the price target to $280 from $250, noting that the decline in cryptocurrency prices is no longer a reason to avoid the stock.

"A weakness driven by crypto would be limited, short-lived, and only an opportunity to add to positions," Ferragu wrote in a note to clients.
Nvidia (NVDA) shares rose 0.75% to $216.65 in premarket trading on Wednesday.
In addition, Ferragu also highlighted the possibility that Nvidia (NVDA) continues to see strength in its datacenter business and the fact that it's trading at 36 times 2025 estimates of $7.80 per share and just 2.2 times the Philadelphia Semiconductor Index.
Last week, investment firm Truist slashed price targets across the board in the semiconductor space, including Nvidia (NVDA), telling investors it has found "hard evidence of order cuts."