NVIDIA Corporation (NASDAQ:NVDA) — Nvidia is a large-cap growth stock, which was primarily known as a GPU supplier to the declining PC market. However, according to analyst Matthew Ramsay of Canaccord Genuity, NVDA stock has transformed itself.
This tech giant, over two years, has engineered a dramatic shift to a diverse visual-computing company with earnings goals focused on four targeted growth markets: gaming, enterprise, HPC/cloud, and automotive. The shift to these four areas now accounts for up to 90% of NVIDIA’s revenue.
Virtual/augmented reality, deep learning, and autonomous driving are expected to enhance long-term growth.
Tesla Motors Inc (NASDAQ:TSLA), in October, announced that its autonomous vehicles would be powered by an onboard computer run by NVIDIA GPUs. And Motley Fool is attributed as saying that NVDA is likely to launch the GeForce GTX 100 Ti virtual reality system in time for the holidays.
Analyst Ramsay has raised his price target on NVDA stock to $80 from $70 and reiterated a “buy” on the stock. The company is expected to announce earnings on Nov. 10 with a consensus fiscal third quarter estimate of 57 cent and a full fiscal year (January) estimate of $1.86 to $2.28 according to Standard & Poor’s.
