Wells Fargo analyst Aaron Rakers raised his price target for Nvidia (NVDA) to $270 from $240 and named the stock his top Semiconductor idea into 2020.
The analyst sees Nvidia representing the "most significant investor sentiment upside" driven by his expectation of a "meaningful" reacceleration in data center growth through 2020, while also continuing to benefit from strong notebook adoption.
He expects the company to point to continued positive visibility on the recovery in data center revenue growth into 2020.
Rakers keeps an Overweight rating on the shares.
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