Morgan Stanley upgrades Nvidia to buy, predicting 2020 will be 'a return to solid growth'

Jensen Huang, president and CEO of Nvidia, speaks during the company's event at the 2019 Consumer Electronics Show in Las Vegas on Jan. 6, 2019.
David Paul Morris | Bloomberg | Getty Images

Morgan Stanley raised its rating on Nvidia to overweight from equal weight, as the firm sees the stock racing even higher in 2020 after a solid performance in a competitive year among semiconductor companies.

Nvidia's stock is up about 60% this year after closing trading Monday at $221.21,  up 4.9%.

More In Pro News and Analysis

CNBC ProSantoli's Friday market notes: The inflation mini-panic subsides amid a broad rally for stocks
CNBC ProAs growth stocks struggle, Wall Street analysts say bet on these value names
CNBC ProCramer says investors are misguided on Disney, expects theme parks and movies will bounce