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BofAML pushes Nvidia to new price target high; shares up 2.7%

Published 06/09/2017, 09:09 AM
© Reuters.  BofAML pushes Nvidia to new price target high; shares up 2.7%
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  • Another day, another high for Nvidia (NASDAQ:NVDA) after Bank of America Merrill Lynch (NYSE:BAC) pushes its price target to $185 from $155 while maintaining a Buy rating.
  • Nvidia CFO Colette Kress appeared at the bank’s Global Tech Conference earlier this week and analyst Vivek Arya notes the appearance tone was “very positive on growth and execution.”
  • Arya sees upsides in gaming, data centers, and ownership expansions.
  • New price target is 42.5x estimated FY18 pf-PE ex cash, which is up from former estimates but matches up with current trade range.
  • Arya sees momentum growing due to Nvidia only having 17% ownership by active large-cap US managers, potential SoftBank Vision Fund ownership expansion, and the upcoming E3 gaming show that marks a period of seasonal strength.
  • Nvidia shares are up 2.66% premarket.
  • Now read: Nvidia: Citigroup (NYSE:C) Analyst Thinks The Stock Can Go To 0


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