Bernstein upgrades Nvidia with $360 target ahead of two catalysts

Bernstein analyst Stacy Rasgon upgraded Nvidia (NVDA) to Outperform from Market Perform with a price target of $360, up from $300. The shares closed Tuesday up 2%, or $6.78, to $296.57. The company's March 19 analyst day and the completion of the Mellanox (MLNX) acquisition are two potential catalysts for the shares, Rasgon tells investors in a research note. The analyst, who admits not upgrading Nvidia sooner was a mistake, says improved Turing traction and the return of hyperscale cloud spending puts the company with stability.