Nvidia: Summit Redstone Starts at Buy on ‘Sustainable’ Performance

By Tiernan Ray Shares of graphics chips maker Nvidia (NVDA) today slipped 29 cents, or half a percent, to close at $61.34, despite an upbeat assessment from Summit Redstone’s Lena Zhang, who initiated coverage of the stock with a Buy rating, and a $68 price target, writing that the company is “well positioned in its four targeted markets (gaming, professional visualization, datacenter, automotive) with accelerating trends which will continue to drive future revenue growth for the company.” She sees the company’s financial performance being “sustainable”: After attaining record revenue, gross margin and operating income in F2016, NVIDIA delivered solid results during the first two F2017 quarters. NVIDIA’s four main segments (gaming, professional visualization, datacenter, auto) grew year- over-year and accounted for 89% of total sales in FQ2, up from 81%…


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