Nvidia Shoots To Record After Citi Establishes Street-high Target

By Jeremy C. Owens Markets MarketWatch Pulse

Nvidia Corp. jumped more than 7% to fresh record highs Thursday after Citi analysts increased their price target on the stock to $180, the highest on Wall Street. FactSet reports that the previous high for an Nvidia price target was $168, and the average price target on the stock is $124.39, up from less than $100 at the end of 2016. Nvidia has ridden advances in artificial intelligence to big gains for its server business and potential for strength in self-driving cars, while continuing to grow its legacy leadership position in videogames. Nvidia stock clocked the largest annual increase in the S&P 500 index in 2016, and is up nearly 50% so far in 2017 after a 7.3% gain to a closing record of $159.94 Thursday.

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