Buy NVIDIA (NVDA) Ahead of Print - Jefferies; PT Upped to $69
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Jefferies analyst Mark Lipaci reiterated a Buy rating and raised his price target on NVIDIA (NASDAQ: NVDA) to $69.00 (from $56.00), saying they would be buyers ahead of the company's July quarter print.
"We think NVDA products have momentum and that there is high probability for more upside surprises over the next 6-18 months. We view the JulQ (+4% QQ) as achievable, and the OctQ/JanQ (+7%/+2%) as conservative given the launch of its new 16nm GPU platform Pascal (both Gaming and Datacenter), and initial ramp of high-ASP/ margin Virtual Reality products. NVDA remains a top pick - Reiterate Buy."
For 2016 and 2017, the firm's new revenue and EPS projections are $5.67b/$1.60 and $6.13b/$1.75, respectively. Their 3-year GAAP EPS Bull case is $3.50, and we model $2.50 of GAAP EPS in 2018.
NVDA is a Jefferies Franchise Pick stock.
Shares of NVIDIA closed at $58.20 yesterday.
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