“NVIDIA (NVDA) could be one of the biggest winners of 2023,” we said on December 30. “After dropping from about $188 to $140.36, the stock has become brutally oversold. Even RSI, MACD, and Williams’ %R are deep in oversold territory. The last time NVDA became this technically oversold, it would bounce from about $114 to about $188.”
At the time, NVDA traded around $143. Today, NVDA is up to $156.61 – and could soon test $166.67, and potentially $190 again, longer-term.
Helping, Needham analyst Rajvindra Gill raised the firm’s price target on Nvidia to $230 from $200 with a Buy rating. As noted by TheFly.com, “Nvidia is Gill’s top pick for 2023 and the analyst added it to the firm’s Conviction List. While the analyst expects volatility in the overall data center market in CY23, he believes Nvidia’s customers are upgrading to the latest H100 architecture.”
Wells Fargo also just named NVDA a stop tech pick for 2023. Even Cowen analyst Matthew Ramsay says now is the time to buy NVDA, also naming it the “best idea” for 2023.
With patience, we’d like to see NVDA eventually challenge $190 again soon.
Sincerely,
Ian Cooper
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