(CercleFinance.com) – New Street Research announced on Wednesday that it had moved to a buy recommendation on Nvidia, deeming the stock’s current valuation to be ‘attractive’.
In a research note, the independent research firm points out that Nvidia’s relative valuation multiple has fallen 25% from November highs with signs of demand waning from cryptocurrency mining.
“This means that the risk associated with cryptos becomes more visible, better integrated and less significant,” he believes in the study.
“Cryptocurrencies are still likely to cause a bout of weakness and an opportunity to strengthen positions, but they no longer represent sufficient reason to avoid value,” adds the analyst.
New Street also highlights the group’s solid prospects for data centers and the ‘excellent’ level of growth recorded in businesses such as video games and visualization.
Copyright © 2022 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
