Canaccord Ups Nvidia Target To

By Teresa Rivas Nvidia (NVDA) is higher Monday, and Canaccord expects more gains ahead. Photo: Pixabay Analyst Matthew Ramsay and his team reiterated a Buy rating and raised their price target by $5, to $60 on Monday. Ramsay writes that the move comes after the launch of Pascal and recent strong growth in enterprise and automotive revenue. These developments support his believe that Nvidia’s transformation from a PC-leveraged GPU supplier to a diverse visual-computing company is now complete. Given this, its four target growth markets—gaming, enterprise, HPC/cloud, and automotive –are now driving growth and overall earnings power, representing more than 90% of non-IPR revenue. He writes that his positive thesis continues to play out as applications of highly parallel GPU computing expand and developer tools and deep learning algorithms mature.…


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