NVIDIA (NVDA) PT Raised to $71 at UBS Following Strong Qtr and Accelerating Trends
- Oil steady around $50 on doubts over OPEC output cuts
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Costco Wholesale (COST) Tops Q1 EPS by 5c; Comps Up 1%, 2% Ex-Gas
- Universal Health (UHS) Disputes and Denies Conclusions in BuzzFeed Article
- Perrigo (PRGO) to Restructure BCH Omega Pharma Belgium Business; Will Terminate EuroGenerics Agreement
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
UBS analyst Stephen Chin reiterated a Buy rating and lifted his price target on NVIDIA (NASDAQ: NVDA) to $71.00 (from $53.00) following another strong quarter with accelerating trends.
Chin commented, "We reiterate our Buy rating as we remain comfortable NVDA can grow sales over 10% yoy from new opportunities in gaming, machine learning, virtual reality, and self-driving cars. NVDA beat all of its Jul-16 targeted financial guidance with strong yoy sales growth in all 4 of its segments. NVDA's largest segment of gaming (55% of sales) showed yoy growth of 18%. We believe this segment likely has solid visibility now that its new chip, Pascal, has started shipping. We expect NVDA to benefit from a multi-year upgrade cycle from its 80M installed base of gamers. NVDA reported that only 33% of its installed base of gamers has upgraded to its Maxwell chip, which was introduced in FY15. NVDA's gross margin guidance for its Oct-16 quarter was flat at 58% despite sales being guided up 17% qoq, but we not too concerned as it is likely mix related."
The firm is raising FY17/FY18 EPS estimates 19%/16% on higher sales momentum.
Shares of NVIDIA closed at $59.70 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Mizuho Securities Upgrades Tailored Brands (TLRD) to Buy
- KLR Group Raise Price Target on Oasis Petroleum (OAS) to $22; Reiterates Buy
- Oppenheimer Raises Price Target on NeuroDerm (NDRM) to $30 After Meeting with FDA
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!