Graphics chip maker Nvidia (NVDA) received a stock price-target increase on Thursday from investment bank UBS, sending its shares higher.
UBS analyst Stephen Chin reiterated his buy rating on Nvidia and raised his 12-month price target to 148 from 135 after meeting with company executives.
XAutoplay: On | Off Nvidia shares were up 3%, near 131.60, in morning trading on the stock market today. The stock hit an all-time high of 137.44 on Tuesday, rising out of the buy range after breaking out of a 13-week consolidation period with a buy point of 121.02 on May 10.
“We met with management yesterday and remain comfortable with our buy thesis that Nvidia’s long-term opportunity selling GPU (graphics processing unit) chips into the data center is large and should remain the market leader,” Chin said in a report.
Nvidia’s new Volta chip should be able to protect its dominant market share in the data center business against the upcoming Vega chip from rival Advanced Micro Devices (AMD), he said.
Macom Technology Solutions Gets Bullish Report
Lowell, Mass.-based Macom Technology Solutions (MTSI) got an upbeat report from Needham after the company’s Cloud Data Center Forum on Wednesday in New York.
Needham analyst Quinn Bolton reiterated his buy rating on Macom with a price target of 60.
IBD’S TAKE: Nvidia and Macom are two of nine chip-industry companies on the IBD 50 list of top-performing growth stocks.
Macom shares were up 2.5%, near 55.40, in morning trading on Thursday. The stock hit a record high of 57.30 on Tuesday.
“Macom is the best positioned analog and photonic component supplier for the ramp of 100G/400G datacom optical modules,” Bolton said in a report. Macom has built an industry-leading product portfolio in high-speed data communications systems through internal development and strategic acquisitions, he said.
On Tuesday, Jefferies analyst Mark Lipacis reiterated his buy rating on Macom stock and raised his price target to 66 from 58.
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