By Sam Boughedda
Investing.com -- Nvidia Corporation (NASDAQ:NVDA) has been added to Wells Fargo (NYSE:WFC)'s "Signature Picks" list, the company's analyst, Christopher Harvey, said Wednesday.
Nvidia stock rose 6.6%.
Nvidia shares were added to the list following fellow Wells analyst Aaron Rakers' note on the company earlier in the day.
Rakers expects upbeat announcements from Nvidia at its upcoming investor day. He added that the recent market downturn had created a favorable risk/reward profile for the stock.
The analyst focused on key areas they are focused on for the company. These include Nvidia's product roadmap update, its expanding software-only offerings, the company's GeForce Gaming GPU installed base, and its auto pipeline expansion.
Rakers currently has an overweight rating and a $370 price target on Nvidia shares. However, the recent market decline has seen its stock lose 18% of its value in 2022.