UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on NVIDIA Corporation

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on NVIDIA Corporation

, but lowered its price target from $16.00 to $13.00. BMO Capital noted, “We believe the reason NVIDIA has bucked the trend of weakness in PCs is owing to share gains against AMD, supply constraints in manufacturing that helped in F3Q, as well as ramps of its Tegra products in Google's Nexus 7 and Microsoft's Surface tablets. Hence, for F3Q, we expect NVIDIA's growth to be fairly broad based, with growth in all three segments.” NVIDIA Corporation closed on Friday at $12.49.