Nvidia price target raised to $170 from $155 at JPMorgan

JPMorgan analyst Harlan Sur raised the firm’s price target on Nvidia (NVDA) to $170 from $155 and keeps an Overweight rating on the shares. The company reported October quarter results above consensus estimates and off of a higher revenue base, guided to a 7% quarter-over-quarter increase in the January quarter, in-line with consensus but slightly below market expectations, the analyst tells investors in a research note. The firm says Nvidia “continues to maintain a 1- 2 step lead” ahead of competitors with its silicon, hardware and software platforms. It views the earnings report as “solid” on continued artificial intelligence demand.