Chipmaker Nvidia Hits All-Time High

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By Kim Khan – Chipmaker Nvidia (NASDAQ:) jumped to an all-time high Wednesday following a Wall Street upgrade, with shares topping $300.

Shares of Nvidia climbed 4.9% to $311.10 in morning trading.

Bernstein upgraded the stock to outperform from market perform and raised its price target to $360 from $300 per share.

Bernstein analyst Stacy Rasgon said that the rise is shares lately is built on a stable foundation, with traction for its Turing GPU architecture and less exposure to cryptocurrency in gaming.

The closing of the Mellanox Technologies (NASDAQ:) acquisition could also be a catalyst for shares, Rasgon said.

Nvidia announced last March it would buy Israeli networking company Mellanox for $6.9 billion.

Susquehanna upgraded Mellanox to positive yesterday, saying it sees Chinese regulatory approval progressing.

Of the 40 analysts covering Nvidia there are 29 buy ratings, with nine neutral ratings and two sell ratings, according to

The average price target on the stock is $268.55.

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