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Nvidia Bear Now Bullish on Cryptocurrency Mining

Chipmaker Nvidia Corp3, which has had a decent run in the stock market this year, just added another Wall Street bull to its corner on account of the rise of cryptocurrency and the requirement for top of the line graphic cards to mine the digital currency.

Pacific Crest Securities, which downsized Nvidia’s shares three months ago, turned around itself, increasing its rating to segment weight from underweight all in light of digital currency like Bitcoin. “Gatherings with desktop graphic card makers demonstrated a sharp reversal in sales patterns expected for the seasonally weaker 2Q, with the surging interest from cryptocurrency miners in China and Europe,” Michael McConnell said. “The sharp increase sought after from cryptocurrency miners has quickly drained excess channel inventory conveyed into the quarter.”

McConnell also pulled his $99 value target on shares which shuts down at $157.09. NVDA shares has been up over 55% since the beginning of the year and is around 45% higher since Pacific Crest Securities downsized it in early April last year.

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