Why Nvidia Stock Is Poised To Outperform Broader Market On Friday

Shares of graphics chipmaker Nvidia Corp. 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 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%.