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Nvidia Earnings Thursday Could Lift Stock Above $20

Nvidia's stock hinges primarily around broader PC market strength and how GPU attach rates are figuring. These attach rates are highest in Europe at 80%, followed by 60% in China. We think that Intel and IBM's results have shown that the PC market is still not as bad as previously thought and enterprises are willing to upgrade technology. These trends along with recent data releases suggest that Nvidia may post good results. Our price estimate for Nvidia stands at $19.90, implying a premium of about 35% to the market price.