Jim Cramer: Should Investors Add Nvidia to Their Wishlists?

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The bulls are back.

Analysts at Bernstein returned to their bullish stance on Nvidia  (NVDA) - Get Report, raising its rating to outperform while also increasing its price target to $360 from $300 a share.

The new price target represents a potential upside of 21% from the stock’s closing price Tuesday of $296.57.

Bernstein noted that it initiated coverage of Nvidia in May 2017 with a bullish view, but since then the company has experienced headwinds including “the cryptobubble, a lackluster Turing gaming cycle, and a significant hyperscale digestion phase.”

However, “with the stock almost exactly back to prior peak levels, it is obvious that not growing more constructive, sooner, was an error. But while that peak (in hindsight) was built on a shaky foundation, the current situation seems much more stable with a ‘clean’ (no crypto) gaming profile, improved Turing traction, and return to hyperscale builds.”

Watch the full video above for Jim Cramer's full take on Nvidia after the upgrade and whether or not now is the time to add it to investors wishlists.

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