Oppenheimer Maintains Outperform, $25 PT on NVIDIA
In a quarterly update, Oppenheimer reiterates its Outperform rating and $25 12-18 mo. Price target for NVIDIA Corp. (NASDAQ: NVDA) as the company's 3Q beat consensus estimates.
According to Oppenheimer, “the company posted 3Q (Oct.) sales/non-GAAP EPS of $1.07B/$0.35 vs. consensus $1.05B/$0.32. Outlook for a flattish 4Q (Jan) Q/Q is in line with the Street's $1.07B but better than many had feared, and shares could trade better Friday on the surprise. Above-seasonal desktop GPU, stable notebook discrete attach rates and Tegra momentum were key drivers of strength. NVDA expects desktop GPU trends to continue in 4Q. Management also highlighted several new Tegra wins. Looking to CY12, continued NB discrete share gains (w/Ivy Bridge) and Tegra 3 gains in high-end mobile should drive steady growth.”
NVDA closed at $14.47 on Thursday.
