Highflying chip stock Nvidia (NVDA) received a bullish report on Monday from investment bank Canaccord Genuity forits booming data-center processor business. <\/p>\n
XAutoplay: On | OffCanaccord analyst Matthew Ramsay reiterated his buy rating on Nvidia and raised his price target on the stock to 180 from 155. <\/p>\n
Nvidia shares fell1.2% to close at 166.15 on the stock market today. It droppedan additional 1.4% in after-hours trading Monday. Nvidia hit an all-time high of 169.30 on Friday. <\/p>\n
Nvidia has diversified from graphics processors for PCs and gaming consoles into high-end computing processors for data centers, artificial intelligence, machine learning and self-driving cars. <\/p>\n
\"Our overall bullish thesis on GPU (graphics processing unit) computing continues to accelerate (particularly data center) and we believe Nvidia's emergence as a platform computing company (of which gaming is just one important piece) is now cemented,\" Ramsay said in a note to clients. <\/p>\n
IBD'S TAKE: Nvidia is one of eight chip industry companies on the IBD 50 list of top-performing growth stocks. It is currently ranked No. 6. <\/p>\n
Nvidia should be able to hold its own against increased competition in the data-center market from Intel (INTC) and Advanced Micro Devices (AMD), Ramsay said. <\/p>\n
\"We remain very impressed how quickly Nvidia has segmented the product roadmap to provide more application-specific silicon to both the quickly evolving data-center and automotive markets,\" he said. <\/p>\n
On Saturday,at the annual Computer Vision and Pattern Recognition conference in Honolulu, Nvidia Chief ExecutiveJensen Huang unveil the company's latest GPU, the Nvidia Tesla V100, based on its Volta architecture. <\/p>\n
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Highflying Artificial Intelligence Chip Play Seen Flying Even Higher - Investor's Business Daily<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Highflying chip stock Nvidia (NVDA) received a bullish report on Monday from investment bank Canaccord Genuity forits booming data-center processor business. Continue reading