Canaccord Adams Reiterates a 'Buy' on NVIDIA (NVDA); Raises Estimates

Canaccord Adams reiterates a 'Buy' rating on NVIDIA (Nasdaq: NVDA). Price target $17.

Canaccord analyst says, "NVDA delivered meaningful upside last night for revenues and EPS. With guidance for low single-digit growth in Q4, upside to expectations continues with the prospect of better than normal Q1/2010 seasonality (new product ramps) and gross margin expansion throughout C2010."

"We are increasing our estimates: Revenue: Q4/09E (Jan '10) from $865 million to $921 million; C2009E (Jan '10) from $3.13 billion to $3.27 billion; C2010E (Jan '11) from $3.56 billion to $3.77 billion...EPS: Q4/09E (Jan ‘10) from $0.13 to $0.16; C2009E (Jan '10) from $0.19 to $0.33; C2010E (Jan '11) from $0.60 to $0.79."

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