Nvidia stock could rise up to $130, says technical analyst.

Wall Street analysts are noting that Nvidia (NASDAQ:NVDA) shares are trading at an attractive valuation following the recent decline, with the stock rising 0.5% in pre-market trading. BofA Securities maintains a buy recommendation and a target price of $200 for Nvidia, emphasizing the company's potential ahead of the upcoming GPU Tech Conference (GTC) next week.

At the GTC, Nvidia is expected to provide updates on its Blackwell Ultra and Rubin processors, as well as advancements in next-generation networking technology. The conference will also discuss the company's long-term opportunities in markets such as autonomous vehicles, physical AI, robotics, and quantum computing. This positive sentiment comes after a 27% drop in Nvidia shares over the past three weeks, signaling a potential turnaround. Investors appear to be responding favorably to Nvidia's strategic positioning and the current stock price, which some analysts find appealing.