Raymond James hikes Nvidia price target as chip stock gains momentum

Nvidia headquarters in Santa Clara, California, Feb. 23, 2021.
David Paul Morris | Bloomberg | Getty Images

Nvidia's stock has room to run after its recent breakout, and the chipmaker is poised for improvement in several areas, according to Raymond James.

Shares of the semiconductor company have jumped 23% in the past month after seemingly being stuck in neutral for much of the last year. The industry's growth has been hampered by a supply-chain shortage that has resulted in a tight supply for some consumer products, such as cars and laptops.

Raymond James analyst Chris Caso hiked his price target on Nvidia, saying in a note to clients on Tuesday that the company was showing signs of strength across multiple product categories.