UPDATE: Wedbush Securities Reduces PT to $17 on Macro Uncertainties

Wedbush Securities reiterated its Outperform rating on NVIDIA NVDA but lowered its price target from $20 to $17. Wedbush Securities noted, "NVIDIA (NVDA) will report FQ3 (Oct) results AMC on Thursday, Nov 8… We expect the print to be largely in-line with the Street driven by Tegra 3 ramp and GPU share gains. Although the uncertain macro and challenges in the PC market have been pushing FQ4 (Jan) Street estimates lower and the stock is trading not too far off of its 52-wk low, we are concerned that expectations for a guide down may not be quite priced in here." NVIDIA closed at $12.75 on Tuesday.