Nvidia was up on the New York Stock Exchange on Tuesday, buoyed by favorable comments from analysts at UBS, who put into perspective the concerns that have recently weighed on the stock.

Just over an hour after the opening, the AI chipmaker's shares were up by almost 0.8%, while the Nasdaq Composite index advanced by less than 0.1%.

In a research note, UBS points out that the stock has moved without a clear direction since its last quarterly publication in November, a phenomenon the research firm attributes to concerns surrounding the supply chain and the pace of adoption of the new Blackwell architecture.

The research firm believes that concerns about a possible short-term business "blip" are "exaggerated", and is confident that the company will deliver solid results for the fourth quarter (ending in January), as well as encouraging forecasts for the first quarter (ending in April).

Still Buy on the stock, UBS maintains its price target of $185, which shows a potential upside of over 34%.

On the stock market, Nvidia shares are virtually unchanged over the past three months (-0.2%), while the S&P 500 index is up over 2% in the meantime.

Nvidia is due to unveil its quarterly results at the end of February.

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