Why Nvidia Stock Is Poised To Outperform Broader Market On Friday

Shares of graphics chipmaker Nvidia Corp. (NASDAQ: NVDA) were higher in premarket trading on Friday, signaling that the stock could extend its gains for the fifth straight session.

What Happened: Morgan Stanley analyst Joseph Moore upgraded Nvidia from Equal-Weight to Overweight and upped the price target from $255 to $304, suggesting about a 19% upside from current levels. The improved opinion is premised on the company’s exposure to AI, the hot-and-happening new-age technology.

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According to Benzinga Pro data, Nvidia added 1.44% to $259.10 in premarket trading. This is despite the SPDR S&P 500 ETF Trust (NYSE: SPY), an exchange-traded fund tracking the S&P 500 Index, slipping 0.10%. The S&P 500 is often considered a barometer for broader market performance.

Thus far, this week, Nvidia has gained over 11%.