UPDATE: FBR Reiterates Outperform Rating, Lowers PT on Nvidia Corporation

In a report published Monday, FBR & Co. reiterated its Outperform rating on Nvidia Corporation

, but lowered its price target from $18.00 to $15.00. FBR noted, “For NVDA, we do think weak PC shipments are weighing on current quarter revenues; however, the firm is benefiting from some incremental tablet goodness with the MS Slate RT and the Google Nexus tablet. We now look for modest growth in calendar 2Q12 (July) and think calendar 3Q12 sales can also grow modestly sequentially, worse than typical seasonality and Street estimates. Regarding shares, NVDA is notoriously difficult to call with fundamental analysis. We generally believe shares are near the bottom of their trading range around $11–$12 and seem overbought near or above $20.” Nvidia Corporation closed on Friday at $12.56.