Nasdaq NVDA Nvidia

In early trading on Friday, shares of Moderna topped the list of the day's best performing components of the S&P 500 index, trading up 6.0%. Year to date, Moderna has lost about 29.8% of its value.

Looking at the sectors faring best as of midday Friday, shares of Technology & Communications companies are outperforming other sectors, higher by 1.3%. Within the sector, Ceridian HCM Holding Inc (Symbol: CDAY) and NVIDIA Corp (Symbol: NVDA) are two large stocks leading t

It's been a good week on Wall Street, with major market benchmarks recovering sharply from their losses year to date. The Nasdaq Composite (NASDAQINDEX: ^IXIC) was up another 1% as of 12:30 p.m. ET, bringing its weekly gains to more than 7%.

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What happened After falling early in Thursday's trading session, Nvidia (NASDAQ: NVDA) pulled out of a deep dive to finish the day up by 1.1%. On Friday, it has been building on that momentum to post even stronger gains.

Next Tuesday, Nvidia (NVDA) will hold its annual Analyst Day. Deutsche Bank’s Ross Seymore expects the chip giant to deliver a “characteristically positive message.”

The analyst thinks the company will showcase a multitude of industry-leading developments across its various segments.

For Data Center, having called for a $100 billion TAM (total addressable market) figure by 2024 at the 2020 Analyst Day, Seymore will be hoping for an updated figure for the projected TAM. An update on the way forward for the Cloud business will also come in handy, following the doubling of revenue last year with Nvidia’s AI products in high demand.

As for the main breadwinner, Gaming, given the ongoing shortages that have overshadowed the “roll-out” of the Ampere based RTX 30 line of gaming GPUs, an update here will also be useful.

“While the ramp of this product line has seemingly been very strong,” the 5-star analyst expounded, “we look for the company to provide an update on sustainability of demand, supply trends, as well as any risk of crypto overhang (note increased risk language around crypto in recent quarterly filings/transcripts).”

With an “inflection” in revenue growth anticipated this year, Seymore expects more color on the trajectory of the Automotive pipeline – last valued by Nvidia at around $8 billion – with the company having already announced two “significant software revenue-share wins.” One is with Mercedes Benz (launch expected in 2024+) and the other with Jaguar Land Rover (launch 2025+).

So, looking pretty good for a sentiment boosting event, right? Maybe, but in the current environment, Seymore is keeping a lid on expectations.

“Despite the likelihood of a positively-toned analyst meeting, we expect the meeting to have relatively little impact on the stock itself, as NVDA's shares are more likely to be influenced by market dynamics in the near term (macro/geopolitical volatility lowering/raising investor risk appetite) rather than its own fundamentals,” the analyst summed up.

NVDA shares have had an uncharacteristically bad start to the year, with Seymore admitting the valuation is starting to “look more appealing.”

However, fears the sector has reached a cycle peak, along the market's current "risk-off" appetite, result in Seymore reiterating a Hold rating, backed by a $285 price target. Nevertheless, there’s upside of ~10% from current levels. (To watch Seymore’s track record, click here)

Looking at the consensus breakdown, most analysts disagree; 3 others join Seymore on the sidelines, but with 17 additional Buys, the stock boasts a Strong Buy consensus rating. The average target currently stands at $352.65, suggesting shares could rise by 44% over the next year. (See NVDA stock analysis on TipRanks)

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

The Nasdaq and the S&P 500 indexes inched higher in volatile trading on Friday as megacap stocks gained ground, while investors assessed the talks between U.S. President Joe Biden and his Chinese counterpart Xi Jinping over the Ukraine crisis.

What happened Shares of Nvidia (NASDAQ: NVDA), a semiconductor company, skyrocketed this week after several analysts indicated that the technology giant offers investors some fantastic opportunities in the metaverse and gaming.

A month has gone by since the last earnings report for Nvidia (NVDA). Shares have added about 1.1% in that time frame, outperforming the S&P 500.

The Nasdaq and the S&P 500 indexes inched higher in volatile trading on Friday as megacap stocks gained ground, while investors assessed talks between U.S. President Joe Biden and his Chinese counterpart Xi Jinping over the Ukraine conflict.

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