Nvidia stock rallies further into record territory after Truist boosts price target by 16%

Shares of Nvidia Corp.
NVDA,
+4.73%
rose further into record territory, as they rallied 1.7% in premarket trading, after Truist analyst William Stein boosted his price target to $545 from $470 due to “more constructive” management commentary and improving feedback from industry contacts. “Recent feedback from our industry contacts (buyers & sellers of electronic components) reflect improving demand in datacenter generally, and reflects upside demand for [Nvidia’s] products specifically,” Stein wrote in a note to clients. He acknowledged the “impossible nature” of accurately forecasting Nvidia’s datacenter sales, but he said increasing average selling prices, the variability of product within Nvidia’s revenue “enables us to envision an even more rapid growth potential for [Nvidia’s] datacenter end market in coming quarters.” The stock, which closed Thursday at a record $459.77, has rocketed 214.6% year to date, while the PHLX Semiconductor Index
SOX,
+2.03%
has climbed 50.0% and the S&P 500
SPX,
+0.85%
has advanced 17.5%.