UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on NVIDIA Corporation

In a report published Friday, Jefferies & Company reiterated its Hold rating on NVIDIA Corporation

, but lowered its price target from $16.00 to $14.00. Jefferies noted, “NVDA exceeded both consensus revs and EPS but guided 4Q revs to decline by 9% QoQ or 800bps below consensus. The company announced a $0.075 dividend or 2.4% yield and its entry into 4G LTE modem market (discrete and integrated app processor). We continue to believe that NVDA is best positioned w/ Tegra to benefit from Windows RT ramp into PCs, and could get more positive w/ success there.” NVIDIA Corporation closed on Thursday at $12.68.