Needham & Company analyst Rajvindra Gill reiterates Buy rating and $120 price target on NVIDIA Corp. (NASDAQ: NVDA), suggesting that the company is at the forefront of the “Intelligence Industrial Revolution.”

Gill comments, "We upgraded NVDA to Buy (11/14/16), because we saw it as one of the few open-ended growth stories in technology. It is well-positioned to capitalize on several multi-billion TAMs: 1) Machine Learning / Deep Learning in data centers and enterprise ($10B TAM out of $37B overall AI mkt); 2) trend toward fully autonomous vehicles ($6-8B out of $10 trillion transportation industry) and 3) VR/AR. NVDA has an "end-to-end" platform to accommodate a new AI computing model with engagements in 19k organizations (retail ASP ~$5k). Specifically, NVDA is dominant across all stages of machine learning. While we see potential upside to N-T estimates (reports on 2/9) in gaming and auto, we see NVDA as a long-term play on these seismic technological trends happening across every industry, and as such we would be buyers post-print."

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Shares of NVIDIA closed at $118.61 yesterday.