Nvidia (NVDA) shares closed higher on Wednesday after a senior Morgan Stanley analyst issued a bullish note in its favor. 

On July 30, Joseph Moore reiterated his “Overweight” rating on NVDA shares and raised his price target to $200, indicating potential upside of another 12% from current levels. 

Including today’s gain, Nvidia stock is up nearly 107% versus its year-to-date low set in early April. 

Why Did Morgan Stanley Raise Its Price Target on Nvidia Stock?

Morgan Stanley sees NVDA stock extending gains further in the coming months primarily because the “AI strength is exceptional in both supply and demand.”

According to Joseph Moore, the planned Blackwell ramp for “both processors and connectivity/networking/memory” in the second half of 2025 will drive the next leg of growth for the Nasdaq-listed firm. 

His bullish call arrives about a month before Nvidia is scheduled to report its Q2 earnings, which could serve as a near-term catalyst for the AI stock. 

Consensus is for the chipmaker to earn $0.94 a share in its current financial quarter, materially up from the $0.65 per share it earned in the same quarter last year. 

Here’s Another Major Near-Term Catalyst for NVDA Shares

Moore recommends owning Nvidia shares also because the company’s management recently said it has received reassurances from the U.S. government that it will soon be able to resume its business in China. 

Renewed access to its customers in Beijing could also contribute to NVDA’s stock price upside in the back half of this year, he told clients in a research note on Wednesday. 

All in all, the Morgan Stanley analyst is keeping positive on Nvidia as it’s the “biggest winner” amid continued global demand and, therefore, spend on artificial intelligence solutions in 2025. 

Wall Street Is Sticking With Its ‘Strong Buy’ Rating on Nvidia

While not as bullish as Morgan Stanley, other Wall Street firms recommend sticking with Nvidia stock as well. 

According to Barchart, the consensus rating on NVDA shares remains at “Strong Buy” with the mean target of nearly $184 indicating potential upside of another 3% from here.