Over the last few days, Nvidia (SYM: NVDA) slipped from about $125 to a recent low of $103.73. Not only is it oversold at its 100-day moving average, but it’s also over-extended on RSI, MACD and Williams’ %R. Plus, according to Morgan Stanley, “the selloff is overdone.”
“The selloff presents a good entry point as we continue to hear strong data points short term and long term, with overblown competitive concerns,” said the firm, as quoted by CNBC. The firm also has an overweight rating on the stock with a price target of $144 a share.
Better, the NVDA stock is pushing higher this morning along with Advanced Micro Devices, which just posted strong earnings. AMD’s second quarter revenue of $5.84 billion beat estimates for $120 million, with EPS of 69 cents beating by a penny. It also saw record data center revenue of $2.8 billion, which jumped 115% year over year.
If NVDA can post numbers that good – which is expected – the stock could soar.
