Nvidia (NVDA) shares were up 2.5% premarket Friday after analysts at Bernstein initiated coverage of the company with an "outperform" rating and $165 price target, a potential 29% upside from the stock's previous closing price.
While the firm believes that the company's video game business is sustainable, Bernstein is very bullish on the prospect of the company's machine learning and self-driving car initiatives.
The firm is modeling for full year results that are ahead of market consensus. Bernstein believes Nvidia will earn $3.54 per share on revenue of $8.25 billion vs. Wall Street's expectations of earnings of $3.10 per share on revenue of $8.23 billion.
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