Nvidia stock up 2% as Jefferies lifts target to $240

Highlights

- Nvidia is trading above key moving averages, with strong technical support around $195 and resistance near $212.

- Jefferies raised its price target to $240, driven by robust AI chip demand and a strong order pipeline.

- A breakout above $212 could propel the stock toward $230–$240 in the short term.

Nvidia is trading above both its 50-day and 200-day moving averages, currently near $195.44 and $186.87 respectively, underscoring a healthy uptrend. The relative strength index (RSI) sits around 53, indicating neutral momentum—not yet overbought, but with room to rally before hitting overextended territory.

Recent price action shows Nvidia rebounding strongly from the $190 support zone, where the 50-day MA and previous consolidation levels converge. This range now forms a key technical floor. On the upside, short-term resistance lies between $210 and $212, where recent intraday highs have repeatedly capped advances. A daily close above this level, especially on strong volume, would likely trigger momentum buying toward the next psychological milestone at $220.

Nvidia stock price dynamics (September 2025 - November 2025). Source: TradingView.

MACD remains in bullish territory, continuing to signal upward momentum, while other oscillators such as the Stochastic RSI are coming off recent highs, indicating a potential pause or consolidation before the next leg up. Volume patterns are supportive, with increased buying activity over the last three sessions—a signal that institutional demand may be re-entering the stock. However, failure to hold above $200 on any pullback could invite a retest of the $195 area, and if that breaks, the broader $185–190 range would be the next key support.

Jefferies upgrade highlights AI demand surge

The near-term bullish sentiment was reinforced after Jefferies raised its price target for Nvidia to $240 from $215, citing a robust order outlook driven by surging demand for AI and data center products. According to the November 3 report, Jefferies analysts pointed to strengthening visibility on order pipelines, particularly tied to Nvidia’s high-performance GPUs used in generative AI workloads and hyperscale cloud deployments.

This upgrade comes amid a broader wave of institutional enthusiasm around AI infrastructure spending. Nvidia remains the undisputed market leader in this space, and its dominance in the GPU market gives it a key competitive edge. Recent reports suggest Nvidia’s upcoming Blackwell architecture could further entrench its position in 2025, fueling forward earnings growth.

Still, risks remain. Regulatory concerns over semiconductor exports to China, potential competition from AMD and Intel, and supply chain bottlenecks could weigh on sentiment. Yet, Jefferies’ revised target suggests these concerns are outweighed—at least in the near term—by Nvidia’s commanding lead in AI chip technology and robust demand visibility.

Momentum target at $240 with key levels in focus

With current momentum and strong institutional support, Nvidia appears positioned to test higher levels into year-end. In the base-case scenario, a sustained break above $212 would likely target the $220–$230 zone, in line with previous resistance levels and rising investor confidence. If AI demand remains strong and Nvidia beats expectations in its upcoming earnings report, a move toward Jefferies' $240 target could materialize within the next 1–2 months.

In a bullish scenario, where AI infrastructure investments accelerate and macroeconomic headwinds ease, Nvidia could push beyond $240 and test the $250–260 region by mid-2024. This would require continued margin strength, upside guidance, and supportive market conditions.

President Trump stated that Nvidia will be prohibited from selling its most advanced AI chips, including the Blackwell series, to China. The move reflects a shift toward prioritizing national security while still permitting limited business with China.

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