Nvidia Climbs as RBC Raises Price Target to $217

Shares of Nvidia (NVDA) - Get Report  were rising in trading after analysts at RBC Capital raised the chipmaker's price target to $217 from $190 as positive channel checks suggest positive trends in the company's gaming-related semiconductor chips. 

Nvidia's Data Center is expected to recover in the fourth quarter thanks to a product refresh announcement that is expected to come during the period. This development further supports RBC's forecast of expanding gross margins for Nvidia. 

The price target represents a potential 19.2% upside from the stock's closing price Friday of $181.97. The stock was up 3% to $187.50 in trading Monday. 

RBC also expects the stock to be the best performing large-cap stock in analyst Mitch Steves' universe.

"We believe that we're past the bottom from a demand perspective," Steves said. 

Nvidia has had an up and down year in 2019, but the stock has gained nearly 40% year to date. 

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