NVIDIA (NVDA) PT Raised to $73 at Jefferies Following Strong Results Amid Great Product Cycle
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Jefferies analyst Mark Lipacis reiterated a Buy rating and lifted his price target on NVIDIA (NASDAQ: NVDA) to $73.00 (from $69.00) following strong results.
Lipacis commented, "As we previewed, NVDA's JulQ results and OctQ outlook surprised to the upside on the strong launch of its new 16nm Pascal GPUs. Upside was broad-based, with strength in Deep Learning and ProViz, demonstrating the diversity of apps demanding NVDA's products. NVDA remains a top pick, as we grow more confident in the secular growth vectors driving NVDA's fundamentals. We expect NVDA to deliver more upside surprises over the next 12-to-18 months."
The firm raised FY 2016 EPS from $1.60 to $1.80 and FY 2017 EPS from $1.69 to $1.85.
Shares of NVIDIA closed at $59.70 yesterday.
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