Nvidia reports after the market close on May 20. Morgan Stanley’s analyst Joseph Moore published his preview note on May 18. And the number at the center of his argument is one that the rest of Wall Street is, in his view, significantly underestimating.

That number is $1 trillion. And whether you believe it or not determines almost everything about how you should think about Nvidia’s stock right now.

Morgan Stanley raises Nvidia ahead of May 20 earnings

Morgan Stanley raised its price target on Nvidia to $285 from $260 on May 18, reiterating an overweight rating and designating it the firm’s top semiconductor pick, according to Morgan Stanley. The new target is based on 22 times Morgan Stanley’s calendar year 2027 EPS…