After meeting with Nvidia's CEO and CFO, Evercore ISI analyst C.J. Muse said management believes that investors still severely underestimate the impact of Artificial Intelligence and the size of the potential AI market. Meanwhile, he contends that NVIDIA is creating "THE AI computing industry standard" that will be "nearly impossible to replicate." Led by AI in the Data Center and Automotive markets, he sees Nvidia having a clear path to $10 in EPS over the next 3-5 years and raised his price target on the stock to $250 from $180. Muse keeps an Outperform rating on Nvidia shares.
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Thursday's total option volume of 37.1 million contracts resulted in net open interest growth of 3.32 million calls and 3.33 million puts. Tesla (TSLA), AMC Entertainment (AMC), NVIDIA (NVDA) and Advanced Micro (AMD) saw the greatest growth. Top five new positions opened include 43k Advanced Micro (AMD) Jan-23 65 puts, 30k Nu Holdings (NU) Jan-23 3.5 puts, 29k AMC Entertainment (AMC) Jan-24 8 calls, 25k Devon Energy (DVN) 12/9 weekly 71 puts and 23k Devon Energy (DVN) 12/9 weekly 71 calls.
Tigress Financial analyst Ivan Feinseth lowered the firm's price target on Nvidia to $250 from $310 and keeps a Buy rating on the shares, citing a re-rating of valuation. His revised target represents a potential return of over 55% from current levels, noted Feinseth, who sees Nvidia's "industry-leading" position in Artificial Intelligence and multiple new products and partnerships enabling it to overcome near-term headwinds and position it for a new business upcycle.