Nvidia’s stock jumps after analyst raises price target

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Shares of Nvidia Corp. jumped 1.4% in morning trading Monday, after SunTrust Robinson Humphrey analyst William Stein raised his price target, citing evidence of constructive demand trends and expectations of improving profitability. “Of our proprietary semi and component supply chain contacts, multiple pointed to improving demand trends in all end markets: gaming, pro-viz, automotive, and most important, datacenter,” Stein wrote in a note to clients. Stein kept his rating at buy, which he’s had since July 2017, boosted his target to $216 from $210. The stock’s gain comes while the PHLX Semiconductor Index edged up 0.7%. Over the past three months, Nvidia shares have rallied 15.4%, the chip sector index has advanced 11.6% and the S&P 500 has gained 1.4%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.