While I generally take Wall Street's never-ending stream of upgrades and downgrades with a grain of salt, I think this one makes a compelling argument.

TD Cowen analyst Matthew Ramsay announced the firm's "Best Idea" for 2024 and it should come as no surprise that it was Nvidia (NASDAQ: NVDA). The firm issued an outperform (buy) rating on the shares and a $700 price target, which represents potential gains of 50% upside compared to Monday's closing price -- even after a blistering rise of 219% so far this year, fueled by soaring adoption of artificial intelligence (AI).

Investors would be forgiven for asking, "Does Nvidia really have 50% potential upside from here?"

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Source Fool.com