NVIDIA is a buy on weakness.
Days after its 4:1 split, the stock caught strong double bottom support around $180, and could run back to $210, short-term. In addition, the last time NVDA became this oversold on Williams’ %R, the stock exploded from about $140 to about $210.
Helping, Oppenheimer analyst Rick Schafer has a price target of $235 on the stock. “His long-term structural growth thesis remains intact as Nvidia remains the leader in high performance gaming and AI accelerators,” notes TheFly.com.
Plus, not long ago, Bank of America Securities’ Vivek Arya reiterated a buy rating, noting, “NVDA is no longer a pure-play GPU vendor of old,” Arya wrote, referring to graphics processing units. “With its acquisition of Mellanox and growing collaboration (and potential acquisition) with Arm, NVDA is expanding its data center silicon presence into new device types like [data processing units] and [central processing units],” as quoted by Barron’s.