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."
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