'Secretariat' Nvidia Continues Run Following Evercore ISI Upgrade

Shares of Nvidia are moving higher following Wednesday's upgrade at Evercore ISI.
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Shares of Nvidia (NVDA) - Get Report are once again moving higher on Thursday following Wednesday's upgrade at Evercore ISI.

The firm upgraded its rating on the shares to buy from hold, and set a price target at $120. Evercore ISI projects another favorable year for AI-associated technologies in 2017.

Nvidia dominates the semiconductor space due to the diverse capabilities of its chips.

On CNBC's "Squawk on the Street" on Wednesday, TheStreet's Jim Cramer said that microchips are needed for machine learning, gaming and cars, and Nvidia has the "most sophisticated chips."

Cramer went on to say that Nvidia is what Intel (INTC) - Get Report looked like in 1991, and called Nvidia the "Secretariat" of the semiconductors.

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