Nvidia (NASDAQ: NVDA) has been on a tear lately, reaching an all-time high of $149.45 last week and currently holding steady around $147.63—a hefty 6.38% gain over the past five days.
If you’re watching Nvidia soar, you’re not alone.
A new 52 week high is currently being made and while the S&P 500 is also trading near record levels, Nvidia’s ascent feels anything but ordinary.
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In the past month, Nvidia has traded between $128.74 and $149.77, a wide range for even the most seasoned market watchers.
Right now, it’s pushing against the upper end of that spectrum, and with a support zone forming between $135.39 and $137.37, some traders may want to wait for a potential pullback or consolidation might be the smarter move for those looking to jump in.
Morgan Stanley analyst increases Nvidia stock price target
Amid this climb, Morgan Stanley just upped the ante on Nvidia’s price target, raising it from $150 to $160 with an “Overweight” rating. Joseph Moore, Morgan Stanley’s seasoned tech analyst, sees big things ahead, but not without a few twists.
Moore explains that while Nvidia’s gross margins are expected to show gains in the upcoming quarter, the eagerly anticipated ramp of Blackwell—Nvidia’s next-gen AI chip—could introduce some margin uncertainties.
Moore noted on November 11:
“We do expect better gross margins in October, but we also expect that the initial Blackwell ramp will come at lower margins starting in January. Recall that the company guided for a 70 basis point GM decline from 75.7% in July to 75.0% in October. That guidance seems conservative, given the material writedown of non-yielding Blackwell Rev O in the July quarter—we should not see that cost again, and there should be minimal mix-related headwinds in October with no Blackwell yet and only a small increase in H2O.”
In other words, Nvidia is playing it safe on paper, but Moore suspects there’s some upside hidden in that conservative forecast.
However, Nvidia’s path to AI dominance isn’t without bumps. Moore warns that the ramp-up of Blackwell and its associated products—think Grace, NV Link switches, Spectrum X—will bring “immature yields and a bit of margin uncertainty.”
Translation? Nvidia’s state-of-the-art tech may be in high demand, but getting it from lab to production floor isn’t always a straight line, and early production costs could pinch margins slightly.
Still, Nvidia’s current trajectory has investors sitting up and taking notice. For now, it’s a stock that continues to shine, pushing the boundaries even as analysts caution about short-term volatility.
