Wells Fargo Lifts Nvidia Target to $220 as Morgan Stanley Upgrades Freeport

Wells Fargo Securities raised its 12-month price target for Nvidia Corp. to $220 from $185, citing stronger demand forecasts for the chipmaker’s data-center and AI products. The new estimate implies about a 19% upside to Nvidia’s last closing price of roughly $185 and comes ahead of the company’s fiscal second-quarter results later this month. Separately, Morgan Stanley upgraded copper producer Freeport-McMoRan to Overweight, pointing to a more constructive outlook for metal prices. The moves by two major Wall Street banks highlight renewed investor optimism toward both semiconductor and commodities sectors.