Canaccord Genuity Sees Solid Growth Potential for NVIDIA Corporation

In a report published Thursday, Canaccord Genuity analyst Matthew D. Ramsay reiterated a Hold rating and $23.00 price target on

. In the report, Canaccord Genuity noted, "NVIDIA hosted its annual analyst day this week in conjunction with the GPU Technology Conference in San Jose that focused on key growth markets including gaming, automotive, cloud, enterprise, and GRID – all encapsulated under a theme of ‘deep learning' through GPU computing and analytics. Overall, we believe NVIDIA's transformation from a PC-leveraged GPU supplier to a diverse visual-computing company is complete. As decoupling from the PC market continues with PC OEM sales now below 20% of revenue, we become more constructive; but, given the valuation range of NVDA shares, we still await tangible progress toward new IP license revenue opportunities as the Intel payment stream still accounts for >20% of our F2017 operating income estimates before recommending the stock. We maintain our HOLD rating with a price target of $23." NVIDIA Corporation closed on Wednesday at $22.87.