Morgan Stanley raises its Nvidia (NASDAQ:NVDA) target from $148 to $170 and maintains an Equal-Weight rating.
The firm thinks NVDA "should clear a low bar" with its gaming chips when it reports earnings on Thursday.
Analyst Joseph Moore says Nvidia "has one of the better secular growth outlooks in our coverage" and notes the Street has seemed willing to give Nvidia the benefit of the doubt.
But Moore was surprised by the over 30% rally since the January low "without more solid indications of data center improvement."
Consensus estimates for the quarter have $2.2B in revenue with $0.81 EPS.
Nvidia shares are down 2.6% pre-market to $164.50.
Now read: AMD: Get On The Hype Train - And Ride »
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