BAML Says Buy Nvidia On Strong Earnings Outlook

Investing.com - When Nvidia reports first-quarter earnings on Thursday, Bank of America/Merrill Lynch won't be surprised if the chip maker beats expectations.The Wall Street firm reiterated its buy rating and $300 price forecast for Nvidia, saying its leadership in several product areas will likely lead to better-than-expected earnings in 2018.BAML cited continued strength in the data center business, work station demand, the shift of GPUs from gamers to cryptocurrency miners and sales of Nintendo's new game Switch, which uses a Nvidia processor. Data center growth is particularly strong, thanks to growing demand from cloud computing providers. Morgan Stanley (NYSE:MS) recently upgraded Nvidia, saying it expected the firm to beat earnings expectations.Nvidia shares are up 37% in 2018.