Jefferies maintained its Buy rating on NVIDIA Corporation NVDA and raised its price target to $73 from $69, noting they expect the company to deliver more upside surprises over the next 12-18 months.
According to the analysts, this was the fourth consecutive quarter for which NVIDIA's outlook beat consensus.
The company's July quarter beat consensus and its October Quarter revenue outlook for 18 percent q/q growth also beat expectations by 15.3 percent. The company's datacenter sales of $151 million grew 107 percent year-over-year and 6 percent quarter-over-quarter, beating consensus of $130 million by 16 percent.
"We think deep learning could be a larger market than VR, and continue to drive upside for NVDA as tech companies engage in an arms race to extract value from deep learning applications," wrote Jefferies.
The analysts updated their revenue and EPS estimates to $6.05B/$1.80 and $6.38B/$1.85, for 2016 and 2017, respectively.
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