MKM Partners Raises Price Target on NVIDIA (NVDA) to $87 Following Strong 3Q Beat
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MKM Partners reiterated a Buy rating on NVIDIA (NASDAQ: NVDA), and raised the price target to $87.00 (from $74.00), following the company's 3Q earnings report. Revenue was reported at $2,004M, compared to the consensus of $1,704M. EPS was $0.83 vs. the consensus at $0.56.
Analyst Ian Ing commented, "NVDA had its second consecutive quarter of “spectacular” guidance, coming off an October quarter baseline that was well above consensus and drove a $0.27 EPS beat. Gaming and data center revenues were up sharply (both up 59% q/q). We think significant legs remain to these current growth drivers. We reiterate our Buy rating and our price target goes to $87 from $74 (30x our NTM GAAP EPS forecast of $2.70 plus $5.63/share net cash)."
Shares of NVIDIA closed at $67.77 yesterday.
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