Why Wall Street analysts and Jim Cramer think Nvidia has more room to run

CNBC’s Jim Cramer echoed a Wall Street analyst’s call that Nvidia (NVDA) shares have more room to run, despite more than tripling in price this year.

Nvidia was up Monday after analysts at Melius Research said the stock was “quite cheap” compared to other semiconductor peers. The analysts said Nvidia’s software is not “fully appreciated” yet by investors.

Cramer cited the chipmaker’s knockout quarter as an indicator of further growth prospects, with strength from Nvidia’s networking and software sales, along with its expanding customer base. 

Melius reiterated its buy rating on Nvidia and a $750 target price, a more than 55% upside from its current trading level of $482 apiece.

Nvidia stock, one of the 35 holdings in Cramer’s Charitable Trust, closed at a record high on Nov. 20 — just above $504 per share.