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Shares of Nvidia (NVDA) are up $3.55, or 2.8%, at $131.45, after Goldman Sachs’s Toshiya Hari today raised the firm’s price target on the shares to $165 from $130, after reviewing the company’s discussion of its products and markets at its annual analyst day meeting last week.

Hari, reiterating a Buy rating, writes that "Given increased confidence in the growth trajectory and its sustainability,” the stock now deserves a multiple o f 31 times projected earnings for 2019 (fiscal year ending January), versus the 25 times Hari had previously used. Hari notes this is “not necessarily” a valuation increase, because the already trades for 37.9 times calendar 2018 estimates.