Shares of chipmaker Nvidia (NVDA) - Get Report  were up more than 1% Monday following a bullish note from SunTrust that raised the company's price target. 

SunTrust analyst William Stein raised his price target on the stock to $216 from $210 because of evidence of constructive demand trends and an expected improvement in profitability. 

"Of our proprietary semi and component supply chain contacts, multiple pointed to improving demand trends in all end markets: gaming, pro-viz, automotive, and most important, datacenter," said Stein, who maintained his buy rating on the stock. 

The price target represents a potential upside of 22% from the stock's closing price Friday of $172.69. Nvidia was up 1.09% on Monday to $174.57.

There has been evidence that Nvidia's stock is about to head lower, according to TheStreet's Bret Kenwell. Kenwell identified the $147 level as the stock's must-hold area - if it falls below there could be a free fall. 

Read Kenwell's take here

Nvidia is a holding in Jim Cramer's Action Alerts PLUS charitable trust