Benzinga | Oct 5, 2021 10:28AM EDT

Why NVIDIA Shares Are Rising

NVIDIA Corporation (NASDAQ:NVDA) shares are trading higher after KeyBanc maintained an Overweight rating on the stock and raised its price target from $245 to $260.

Keybanc analyst John Vinh noted 'we are positive on NVDA, given strong demand trends for gaming GPUs despite significant crackdowns in China related to crypto mining.'

The analyst also noted 'With pent-up demand and indications NVDA has been able to procure incremental capacity, this should support modest sequential growth and upside to forward estimates, into what is normally a seasonally softer fiscal fourth-quarter period.'

NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, Graphics and Compute & Networking.

NVIDIA's stock was trading about 2.5% higher at $202.19 per share on Tuesday at the time of publication. The stock has a 52-week high of $230.43 and a 52-week low of $115.67.