NEW YORK, NY / ACCESSWIRE / October 16, 2017 / Shares of HP Inc. and NVIDIA soared higher on Friday after NVIDIA received a couple of price target upgrades from analysts last week and HP's CEO had some encouraging words for investors. NVIDIA's price target was increased by both Needham and RBC Capital. HP's Dion Weisler spoke on CNBC to Jim Cramer about the company and the future of 3D printing.
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HP Inc. shares closed up 6.42% on a little over 27 million shares traded on Friday with a new high of $22.00 hit during intra-day trading. The company had a string of positive comments at its analyst presentation day last Thursday that had traders encouraged. The company's CEO Dion Weisler believes HP has made significant progress in its turnaround. Weisler also had some positive things to say to CNBC's Jim Cramer on Friday. He told Cramer, the host of 'Mad Money,' "This is why we got into the production side of 3-D printing. We weren't terribly interested in home-based printing. We see this not as the $5 billion market it is today. We really want to disrupt a $12 trillion manufacturing industry." He said, "We said we'd get into that business when we could disrupt it with speed, quality and cost, and we have that today." According to the CEO, 3-D printing and HP Inc.'s multi-jet fusion technology helps surgeons create perfectly sized spinal spacers coated with nano-crystals. This is what makes them safe for insertion into human bodies. He said, "Just imagine the patient outcomes when you can do that, let alone the waste of having to throw out 140 of these things when you've selected just one of them."
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NVIDIA Corporation shares closed up 1.86% this past Friday on almost 16 million shares traded. The stock zoomed to an all new high of $195 during intra-day trading after it was revealed that investment bank Needham has raised its price target on the chip maker from $200 to $250 and reiterated a "buy" rating. The day before, RBC Capital's Mitch Stevens reiterated an "outperform" rating on the stock and raised his price target from $205 to $220. According to Stevens, "To reach our $10 EPS bull case in 2021, we make the following assumptions: 1) Data Center: deceleration towards 50% in CY20 with higher gross margins of ~80%, 2) Gaming: mid-teens growth due to Virtual reality headsets (higher ASPs) offset by more stable trends in core gaming, and 3) Auto: we think accelerating growth to a potential of 50% in the out years assuming level 4 and level 5 content begins to show in the numbers." Stevens also noted that cryptocurrency mining will add a "moderate boost" as well since miners use some Nvidia GPUs.
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