UPDATE: Stifel Nicolaus Cuts PT to $18 on NVIDIA Corporation on Raising OpEx, Product Transition

Stifel Nicolaus maintained NVIDIA Corporation (NASDAQ: NVDA) with a Buy rating and lowered the price target from $21.00 to $18.00.

Stifel Nicolaus commented, "Nvidia delivered a mainly in-line quarter but F1Q14 revenue guidance was well below our and consensus estimates. The main culprit for the miss in our view is a gap in the platforms transitioning from Tegra 3 to the newly introduced Tegra 4. Also, operating expenses were guided to above our previous estimates as management pushes new product initiatives such as LTE modems and GPUs supporting software-as-a-service. We believe that these product initiatives can redefine Nvidia's markets and are worth the increase in spending."

NVIDIA Corporation closed at $12.37 on Wednesday.

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