UPDATE: Oppenheimer Holdings Downgrades NVIDIA Corporation to Perform

In a report published Wednesday, Oppenheimer Holdings downgraded its rating on NVIDIA Corporation

from Outperform to Perform. Oppenheimer noted, “In coordination with our 2013 industry preview, we are cutting estimates and downgrading NVDA to Perform from Outperform. NVDA stood out in a tough 2012, executing well on core GPU share gains, despite challenged 28nm supply. Key Tegra wins in smartphone/tablet further bolstered top-line momentum. While most in the PC industry struggle, NVDA's GPU attach rates, ASPs and GM are all steady to rising. It remains the only traditional PC vendor with a credible mobile diversification strategy. Still, we believe most of its GPU share gains are now reflected in estimates. The absence of share gains leaves NVDA increasingly exposed to secularly declining PC units. We are stepping aside until non-PC growth drivers become more meaningful.” NVIDIA Corporation closed on Tuesday at $12.10.