Analyst Joseph Moore said Nvidia has more immediate upside than other AI stock plays.
Nvidia is the way to go to capitalize on the artificial intelligence boom, according to Morgan Stanley. Analyst Joseph Moore switched his top pick to Nvidia from Advanced Micro Devices, and hiked his price target, saying the former has more immediate upside than other AI stock plays. "Making NVDA our top pick, reflecting significant potential for near term upside - as the only company likely beating and raising due to AI in CY23," Moore wrote Friday.
mountain Nvidia shares YTD Nvidia shares are already higher by 191% this year, recently topping a $1 trillion market valuation. However, the analyst expects even more upside. His $500 price target, raised from $450, means the stock should climb another 17%. Nvidia popped 1.6% in the Friday premarket. The analyst said Nvidia remains the top AI pick for 2023, even as investors cast about for more clear beneficiaries for the trend.
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