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Investing.com — Shares of Nvidia Corporation (NASDAQ:NVDA) jumped 7.5% on Tuesday, currently trading over $250, a new intraday all-time high.
While there has been no stock-specific news so far on Tuesday, its shares touched a peak of $252.59.
Yesterday, Piper Sandler analyst Harsh Kumar made a bullish call on the stock, raising the price target to $260 from $225, keeping an overweight rating.
With Nvidia set to report its earnings on Nov. 17, Kumar said he is a “bit more constructive” on the gaming chip maker following an eBay scraping analysis.
In a research note, the analyst told investors that the data implies there could be a decoupling between bitcoin prices and secondary market GPU price premiums, which would displace “one of the major investor hang-ups” around Nvidia.
Kumar believes that as a result, it could bolster the company’s market share in the GPU segment as more would be available for its gaming customers ahead of the holiday shopping period.
