NVIDIA (NVDA) could be one of the biggest winners of 2023.

After dropping from about $188 to $140.36, the stock has become brutally oversold.  Even RSI, MACD, and Williams’ %R are deep in oversold territory. The last time NVDA became this technically oversold, it would bounce from about $114 to about $188.

Helping, Needham analyst Rajvindra Gill raised the firm’s target on Nvidia to $230 and keeps a Buy rating, as noted by TheFly.com. “Nvidia is Gill’s top pick for 2023 and the analyst added it to the firm’s Conviction List. While the analyst expects volatility in the overall data center market in CY23, he believes Nvidia’s customers are upgrading to the latest H100 architecture.”

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Also, remember, NVDA is still a leader when it comes to the cloud, artificial intelligence and machine learning, gaming, autonomous driving, supercomputing, robotics, drones and more.

Better, Baron Funds recently noted: “NVIDIA is powering the growth of AI from the data center to the edge. Shares detracted due to inventory right sizing in NVIDIA’s gaming segment coupled with the broader market sell-off in growth stocks. Given NVIDIA’s end-to-end AI platform and its leading market share in gaming, data centers, and autonomous machines, along with the size of these markets, we believe the company can sustain its growth trajectory.”

Sincerely,

Ian Cooper