JP Morgan Maintains Neutral, PT of $17 on NVIDIA
JP Morgan reiterates its Neutral rating and $17 price target on NVIDIA Corporation (NASDAQ: NVDA) on positive 3Q EPS and anticipation of a growth catalyst as 4Q outlook appears flat. JP also lowered C12 EPS estimate by $0.10 to $1.30.
According to JP Morgan, “3Q revenue grew 5% Q-Q, roughly in-line with ours/consensus estimates. Non-GAAP EPS beat our estimates by $0.03 and consensus by $0.04. Growth was led by a 23% increase in desktop GPU, 9.5% growth in PSG (mostly Quadro), and 14% rise in consumer (mostly Tegra). The overall GPU business increased only 1% as desktop growth was offset by a 68% decline in MCP and a decrease in notebook GPU shipments (we estimate down about 9% Q/Q).”
NVDA closed at $14.47 on Thursday.
