104189793-GettyImages-107890952.1910x1000Nvidia (NASDAQ: NVDA), the market’s best-performing stock in the past year, received multiple bullish forecasts Thursday, including a new high for Wall Street.

    Nvidia shares rallied 223 percent through Wednesday in the previous 12 months compared with the market’s 15 percent return in that period. That performance ranks number one in the entire S&P 500, according to FactSet. The shares are up 40 percent this year versus the market’s 9 percent performance.

    Malik reaffirmed his buy rating and raised his price target for Nvidia to $180 from $145, representing 21 percent upside from Wednesday’s close. He has the highest price target on the company out of 34 analysts, according to FactSet.

    “Nvidia continues to transform itself from a PC to a diversified gaming, data center, and auto software platform and is benefiting from secular trends such as VR/AR, deep learning, AI, and autonomous driving,” he wrote.

    As a result, Malik raised his Nvidia 2019 earnings per share estimate to $4.23 from $4.06 versus the consensus of $3.47.

    He outlined a “bull case” scenario, where Nvidia shares could reach $300 if the company reaches 50 percent share of the data center and auto chip markets.

    In a similar move Thursday, UBS analyst Stephen Chin raised his price target for Nvidia shares to $168 from $148 and reiterated his buy rating. He also mentioned the company’s big opportunities in the autonomous driving and data center markets.

    Nvidia shares rose more than 3 percent in trading Thursday.

    — CNBC’s michael bloom contributed to this story.

    Source: https://finance.yahoo.com/news/stock-market-apos-hottest-stock-152435564.html