FBR Capital Maintains Market Perform Rating, $22 PT On NVDA

FBR Capital is maintaining its Market Perform rating and $22 PT on shares of NVIDIA Corporation NVDA.

“NVIDIA hosted its 2011 analyst day Tuesday, reviewing key strategies in its GPU, Quadro (professional workstation GPU), Tegra (mobile application processor), and Tesla (parallel compute) businesses,” FBR Capital writes.

“Management emphasized that the firm is in a new era of its history, where it has transitioned from being a graphics add-in card supplier (first era) to being a supplier of many different products, including higher value GPUs, parallel compute, and mobile compute solutions now (third era).

“We do think management has had success in remaking NVIDIA's revenue base over the past five years, a positive in that earnings power seems structurally higher.”

NVIDIA Corporation currently trades at $19.55.