BREAKING: Dow Closes Flat While S&P 500, Nasdaq End Down Graphics-chip makers Advanced Micro Devices (AMD) and Nvidia (NVDA) received fresh buy ratings on Friday, as investment bank Cowen initiated coverage of a host of semiconductor stocks. Cowen analyst Matthew Ramsay started coverage of 11 chip stocks.

He rated eight as outperform, or buy, and three as market perform, or neutral. Ramsay said his top picks are AMD, Ambarella (AMBA), Broadcom (AVGO) and Monolithic Power Systems (MPWR).

He also likes Nvidia, even though it has a high valuation. “Yes, it’s expensive, but it should be!”

Ramsay said in a note to clients. Nvidia has growth opportunities in automotive, data center and gaming markets.

Nvidia is currently ranked No. 24 on the IBD 50 list of top-performing growth stocks. Read more from…

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