AmTech Reaffirms Buy Rating and $26 PT on NVIDIA (NVDA)
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American Technology Research maintains a Buy rating and $26 price target on NVIDIA Corp. (Nasdaq: NVDA).
Following NVIDIA's upbeat analyst conference yesterday, AmTech is out with a note insisting that Wall Street is inaccurately discounting a changing PC graphic landscape. The firm says, "Although landscape changes are underway in graphics and heterogeneous computing, NVDA's driving position will become more apparent in 12-18 months."
On a valuation basis, AmTech notes that NVIDIA is currently trading near a trough. The firm's $26 price target is based on 19x its forward 12-month EPS estimate of $1.44, which compares to NVIDIA's historic trading range of 17x to 27x.
With shares of NVIDIA trading around $19, AmTech's price target represents a possible 35% stock price appreciation from current levels.
NVIDIA Corporation provides visual computing technologies designed to generate interactive graphics on consumer and professional computing devices in the United States and internationally. [BCS]
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