Nice Day, Great Quarter for Nvidia (NVDA, USAT)
We’re still in the thick of the earnings season so I’ll keep this short and sweet. Successful tech stocks are kicking butt, and you should stick with the program of buying and holding the best ones.
Case in point: Nvidia (NVDA), which is up 14% today after smashing its first-quarter results out of the ballpark. Revenue and earnings topped estimates as did the second-quarter profit revenue guidance. Sales are now expected to be up 36% year-over-year as the chip designer’s graphics processing units continue to benefit from strong demand from data center operators and it continues to dominate the gaming industry. With the 52-week high now in play I’m raising the buy limit to $135. For more on this company, please see our recent recommendation.
Way down the tech pecking order, upstart USA Technologies (USAT) continues to cash in on the growing popularity of cashless vending machines. Revenue was up 30% year-over-year, management expects continued growth to be profitable and the stock is flirting with $5 as a result. Continue accumulating USAT below $5.40.