Analysts are Upgrading These 5 Tech Stocks

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 89

NVIDIA Corporation (NASDAQ:NVDA) received an upgrade from Summit Insights on Wednesday, November 16. The research firm lifted its ratings for the graphics processors maker from “Hold” to “Buy.” Analyst Kinngai Chan thinks the stock offers a favorable risk-reward. Chan expects new product cycle contributing to the company’s growth.

Separately, investment management firm ClearBridge Investments also discussed NVIDIA Corporation (NASDAQ:NVDA) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Likewise, graphics chip maker NVIDIA Corporation (NASDAQ:NVDA) (-19.9%) has struggled through the post-COVID-19 recovery but maintains dominant positions in key secular growth markets of AI and gaming. The company has significantly underperformed the index and semiconductor peers recently due to a gaming inventory correction, a decline in aggregate cryptocurrency demand and reduction in crypto mining intensity as well as concerns around the sustainability of data center sales.

We tactically trimmed our position early in 2022 due to concerns around these cycle dynamics but remain confident in the company’s long-term prospects.”

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