UPDATE: Canaccord Genuity Upgrades NVIDIA Corporation to Buy on 2012 Tablet Ramp-Up

Canaccord Genuity raises its rating on NVIDIA Corporation

from Hold to Buy and increases its target price on shares from $13 to $16. Canaccord Genuity notes, "We are upgrading shares of NVDA from Hold to BUY on positive near- and medium-term drivers. NVDA appears positioned to offset near-term PC weakness through Tegra strength and Kepler revenues that were guided by limited 28nm wafer supply, not PC demand. In-line results should distinguish NVDA from other PC-weighted names that appear likely to have near-term number cuts, in our view. Next year, we believe Tegra should continue to benefit from Surface and other tablet wins secured in H2/12, as well as a bundled LTE solution slated for introduction H1/13 (likely in time for Mobile Word Congress)." NVDA closed at $12.99 on Friday.