It's been a rocky October for chip stocks, with the SMH, an ETF that tracks the sector, falling more than thirteen percent month-to-date. One of the hardest-hit names is Nvidia. It's down 27.76% so far this quarter, and is set to post its worst month in more than a decade.
But on Tuesday the stock got a vote of confidence from JPMorgan, which upgraded the Santa Clara-based company to overweight. In a note to clients, analyst Harlan Sur wrote that the company's long-term growth potential in different markets, including cloud datacenter and autonomous driving, makes it an attractive stock to own. Sur did lower his target from $265 to $255, but that still represents a 25.6% upside from Tuesday's closing price of $203.