Nvidia Corp. shares rose slightly in late trading Thursday after RBC Capital Markets analyst Mitch Steves boosted his price target on the stock. Steves moved his price target to $250 from $240 and maintained an outperform rating on the stock in a note delivered shortly after the end of Thursday’s trading, explaining that the chip maker’s recent earnings beat dramatically increased his best-case scenario for the stock. “Overall, after a single quarter of out-performance the 2020 upside case increases by 10%,” Steves wrote. The RBC analyst had already raised his price target to $240 from $230 in the wake of Nvidia’s third-quarter earnings report, along with a host of other analysts who helped push Nvidia stock to record levels. Nvidia shares gained about 0.5% in late trading after closing with a 0.8% gain at $211.61; the stock is up more than 98% so far this year, as the S&P 500 index has gained 15.5%.
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