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Nvidia (NVDA) +1% on KeyBanc’s latest price target upgrade
US stock markets reopened on Tuesday following the holiday for Independence Day and Nvidia (NVDA) was making early gains after KeyBanc raised its price target for the computer systems design services company.
Analyst John Vinh said that there is currently a very strong demand for Nvidia’s line of video graphics cards and semiconductors amid a boom in cryptocurrency mining and high-end PC gaming.
Vinh sees the trend continuing in the medium term, even though the easing of COVID-19 restrictions is likely to see more people spending time away from home.
KeyBanc backed up its bullish update by adding $175 to a new $950 price target for Nvidia, which is $50 shy of the Wall Street high of $1,000 set by BMO Capital Markets.
Analysts have been ready and willing to upgrade Nvidia in the wake of its impressive Q1 results, which handily beat expectations for both earnings and revenue.
The Santa Clara-based company recently said that it now expects to deliver $6.3bn revenue in Q2 with all its business segments, including ‘data center’, driving growth.
Credit Suisse noted that Nvidia is now also in the habit of finding “new vectors of IP monetization in highly visible, profitable, installed base focused, recurring software which could be about 20% of revenue by 2025, driving multiple expansion”.
Following the latest upgrade, Nvidia shares eased 0.87% higher to $825.62 by mid-afternoon on the Nasdaq.
In the UK, Lloyds (LLOY) closed 2.66% down at 46.44 even though Barclays said that it should be viewed by investors as the go-to bank stock.
Analysts at Barclays believe that there are “several reasons” why Lloyds offers value, including the expectation that earnings per share should continue to improve.
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