After a forty-four percent decline in shares of Nvidia this year, expectations for the chip giant have been thoroughly washed out, and now is the time to buy the stock, writes Needham & Co. analyst Rajvindra Gill in a note to clients Monday.

“NVIDIA is our Top Pick for 2023, and we are adding it to the Needham Conviction List,” writes Gill, while raising his price target on the shares to $230 from $200, and reiterating a Buy rating.