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Bernstein says that Nvidia's valuation relative to the Philadelphia Stock Exchange Semiconductor Index is unusually attractive, with overall valuation multiples indicating good future return prospects. Analyst Stacy Rasgon wrote that Nvidia's valuation is currently at a discount of about 13% relative to the chip stock index, which is at a historical 100th percentile. In fact, over the past ten years, there have only been 13 trading days when Nvidia's stock price was lower relative to SOX's valuation than it is currently. Nvidia's recent valuation is around 25 times future EPS, which means that the company's stock price is at the 11th percentile of the past ten years' valuation distribution. This level is considered quite cheap in absolute terms, and investors who bought when Nvidia's valuation was below 25 times have seen generous returns the average return for holding 1 year exceeded 150% with no negative returns during this period. Bernstein gives Nvidia an "outperform the market" rating with a target price of $275.