Late 2009 iMac 27 inch intel i7 2.66 Grey screen of death?

My iMac recently goes to a grey screen a little bit after the apple logo gets 1/2 way through startup. I took it to Frys Electronics to be fixed but they tried to replace the original hard drive with a new ssd and said it still has the same problem. They called Apple and was told it could be the graphics card or logic board going bad. Anyone have any thoughts on this and know if it can be fixed cheaper?

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