UPDATE: Summit Insights Upgrades NVIDIA (NVDA) to Buy

Summit Insights analyst Kinngai Chan upgraded NVIDIA (NASDAQ: NVDA) from Hold to Buy.

THe analyst comments "Our latest channel checks indicate a solid finish to its October quarter driven by upside demand in the cryptocurrency mining and the gaming markets. We believe NVDA's sales into the crypto-mining market have rebounded back to more than $1B per quarter after the recent crash in 2H of May and June. Our current checks lead us to believe that NVDA is poised for upsides in the October and the January quarters. We also believe NVDA could see incremental upside in its gross margin on a more robust product mix."

For an analyst ratings summary and ratings history on NVIDIA click here. For more ratings news on NVIDIA click here.

Shares of NVIDIA closed at $226.92 yesterday.

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