On Jan. 9, Canaccord analyst Matthew Ramsay reiterated a Buy rating Nvidia Corporation (NVDA) and hiked his price target from $97.50 per share to $120.00. Ramsay's price target represents potential upside of 12.7 percent from Tuesday’s closing price of $106.47.

According to TipRanks.com, Ramsay is a five-star analyst with a 67 percent success rate and an average return of 22.2 percent. He is ranked No. 40 out of 4,347 analysts and No. 59 out of 10,052 experts.

Ramsay’s Buy reiteration comes days after Nvidia made a splash during the Consumer Electronics Show (CES 2017) in Las Vegas. In a report accessed by StreetInsider.com, Ramsay acknowledged concerns about the stock’s current valuation, but he called Nvidia a “core holding given compelling growth, strong margins and secular alignment with key multiyear themes of autonomous driving, gaming/VR and data center acceleration.”

Ramsay touted the company’s transformation from a provider of graphics process units (GPU) in personal computers to a power player in four target growth markets. These markets are gaming, enterprise, high-performance cloud computing and the automotive sector. The company made a big splash during CES 2017 by announcing it had expanded its partnerships in the auto sector to help develop autonomous vehicles. (See also: NVIDIA, Audi: We'll Have a Driverless Car by 2020.)

"At CES, Nvidia added to an impressive list of automotive customers by announcing Mercedes and Audi (in addition to Tesla (TSLA)) for AI and drive computer engagements and important tier-1 partnerships with Bosch and ZF and mapping partnerships with Here, Baidu (BIDU), TomTom and Zenrin." Ramsay said. "While it remains early days in the autonomous automotive marketplace, we believe Nvidia continues to demonstrate both marketplace and thought/technology leadership that could yield a $1 billion-plus automotive business by calendar 2020."

According to TipRanks, the consensus among 26 analysts rates Nvidia a Moderate Buy. The average price target for the stock is $106.30, which represents downside of 0.16 percent from Tuesday’s closing price. The stock has received several Buy ratings and price target hikes since its CEO gave the keynote speech at CES 2017. (See also: Jefferies Boosts Price Target for Nvidia.)

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