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Nvidia Surges 6%: Buy the Drop, Say Argus, Canaccord

Shares of graphics chip pioneer Nvidia (NVDA) are up $9.39, or 6%, at $165.35, as some bulls today pound the table for the stock following a sell-off on Friday that came despite better-than-expected fiscal Q2 results and outlook.

Jim Kelleher with Argus Research reiterates a Buy rating on the shares, and a $175 price target, writing that the sell-off was just part of "broad technology profit-taking as global tensions worsen,” an allusion to last week’s headlines about tensions between the U.S. and North Korea.

He advises investors "use this nonfundamental selloff as an opportunity to add to or establish positions in NVDA, which remains a leading silicon play on AI, autonomous vehicles, machine learning, and next-generation data center."

He’s not at all concerned about growth, writing "NVidia is growing with sufficient speed to continue running ahead of Street forecasts."

"Although growth is slowing as the law of large numbers kicks in, NVidia's forecast growth is still substantially greater than...