UPDATE: Macquarie Downgrades NVIDIA on Potential Impact of Cloud Computing

In a report published Friday, Macquarie Capital analyst Deepon Nag downgraded the rating on

from Neutral to Underperform, and lowered the price target from $15.00 to $14.00. In the report, Macquarie Capital noted, “While we like NVIDIA's strong position in the workstation and high performance computing segment, we believe the continued shift towards cloud computing will impact the company's core graphics business and mobile offerings. Given its high relative valuation, we expect multiple compression due to deteriorating fundamentals. As a result, we are downgrading NVDA stock to Underperform from Neutral.” NVIDIA Corporation closed on Thursday at $15.39.