UPDATE: FBR Capital Markets Cuts PT to $18 on NVIDIA Corporation on Weakening PC Checks
FBR Capital Markets reiterates its Outperform rating on NVIDIA Corporation (NASDAQ: NVDA) and cuts its price target from $20 to $18.
FBR Capital Markets notes, "With 2Q12 notebook PC builds now tracking +5% QOQ, worse than typical and worse than our original expectations of 8%–10% QOQ, we think European macro weakness and the related equity market sell-off are contributing to leaner supply chain inventories heading into back to school. Further, we see a PC production air pocket forming now ahead of better Ivy Bridge–based system availability later this summer, and possibly a demand air pocket forming ahead of Win8 device launches late this year."
NVDA closed at $12.39 on Wednesday.
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