Shares of Nvidia Corp. closed up 6% to a record high of $96.45 on Wednesday as shares were buoyed by a bullish analyst note at Evercore ISI. Evercore analyst CJ Muse upgraded the stock to buy and boosted his price target to $120, according to Barron’s. That would represent the highest target on the stock by a long shot, according to a poll of more than 20 analysts surveyed by FactSet. The average rating on the stock is the equivalent to buy, while the average price target is $66.07, according to FactSet. Nvidia is set to benefit from positive trends in the semiconductor market, particularly as demand for auto and industrial applications, as well as data centers and the Internet of Things, continue to grow, reported Barron's. Shares of Nvidia have risen 60% in the past three months and nearly 200% in the past year, vastly outperforming the S&P 500 , which is up just 6% in the past three months and 11.5% in the past year.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below