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UPDATE: Wedbush Reiterates Outperform Rating, Raises PT on Nvidia Corporation

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In a report published Friday, Wedbush Securities reiterated its Outperform rating on Nvidia Corporation (NASDAQ: NVDA), and raised its price target from $18.00 to $20.00.

Wedbush noted, “We reiterate our OUTPERFORM rating and increase our PT to $20 from $18 as we believe NVIDIA's transition to a leading solutions provider to the emerging mobile market remains in the early innings. We continue to be very impressed with Tegra 3's momentum and high-profile tablet design wins like Google's Nexus and Microsoft's Surface and the increasing demand for its Kepler GPUs. We believe despite a tough macro backdrop that NVIDIA will benefit from (1) increasing 28nm supply, (2) GPU market share gains, and (3) the continued ramp of Tegra 3 in mobile applications driving strong Q/Q earnings and revenue growth. Our 12-month PT of $20 (from $18) is based on about 12x our CY:13 pro forma EPS estimate of $1.24 (from $1.07) plus $5.26 (from $5.02) in cash per share.”

Nvidia Corporation closed on Thursday at $14.71.

Latest Ratings for NVDA

DateFirmActionFromTo
Jul 2017SunTrust Robinson HumphreyUpgradesNeutralBuy
Jul 2017JefferiesMaintainsBuy
Jun 2017Pacific CrestUpgradesUnderweightSector Weight

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Posted-In: Wedbush SecuritiesAnalyst Color Price Target Analyst Ratings

 

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