Benzinga | Jul 6, 2021 08:44AM EDT

KeyBanc Raises Nvidia Price Target Signifying 16% Upside, Reiterates Overweight Rating

* KeyBanc analyst John Vinh raised NVIDIA Corp's (NASDAQ:NVDA) price target to $950 from $775. Vinh reiterated an Overweight rating.

* The new price target implies a 15.9% upside on the company's Friday closing price at $819.48.

* Feedback confirms robust gaming demand and not crypto mining demand fueled by introducing Cryptocurrency Mining Processors (CMPs) and healthy data center strength, Vinh cited.

* Recently, Nvidia CEO Jensen Huang expressed optimism over regulatory support for the acquisition of SoftBank Group Corp's (OTC:SFTBY) (OTC:SFTBF) Arm Ltd in a deal valued at $40 billion.

* Price action: NVDA shares traded higher by 1.22% at $829.45 in the premarket session on the last check Tuesday.