Jensen Huang, president and CEO of Nvidia, speaks during the company's event at the 2019 Consumer Electronics Show in Las Vegas on Jan. 6, 2019.

David Paul Morris | Bloomberg | Getty Images

Morgan Stanley raised its rating on Nvidia to overweight from equal weight, as the firm sees the stock racing even higher in 2020 after a solid performance in a competitive year among semiconductor companies.

Nvidia's stock is up nearly 60% this year as of its previous close at $210.89.

Shares of Nvidia rose 4.3% in trading Monday.