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With Nvidia Down 13% This Week, Jefferies Says 'Buy On Weakness'
NVIDIA Corporation (NASDAQ: NVDA) shares were down 5 percent to $156.51 in pre-market trading Friday in reaction to its second-quarter results. Ahead of the results, there was nervous selling, with the stock declining over 4 percent on Thursday alone amid the news that short seller Andrew Left of Citron Research has shorted the stock.
Jefferies is undeterred by the after-market weakness and said its Tectonic Shift thesis is intact. Therefore, the firm views the after-market weakness as a particular opportunity.
The firm reiterated its Buy rating on the shares of Nvidia, with a $180 price target.
Thursday, after the market close, the graphics chipmaker reported non-GAAP earnings of $1.01 per share compared to 53 cents per share last year.
Revenues were up 56 percent year over year and 15 percent sequentially to $2.230 billion.
For the third quarter, the company expects revenues of $2.35 …