Needham & Company Reiterates a 'Strong Buy' on NVIDIA Corporation (NVDA)
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Needham & Company reiterates a 'Strong Buy' on NVIDIA Corporation (Nasdaq: NVDA), price target $22.
Needham analyst says, "We reiterate our Strong Buy as we believe there are several near-term catalysts that will drive the shares higher, namely the 1) March 26 launch of NVDA's next-generation Fermi architecture; 2) the April 7 Analyst day; 3) Tegra 2 smartphone design win announcement (s) in CQ2/CQ3; 4) ION 2 and Optimus technology stabilizing the chipset business; and 4) a ramp in Tesla and Quadro in C2H10. In addition, we believe gross margins are set to rise to the high-40s throughout FY11 leading to significant earnings power. Our $22 PT implies a reasonable 17.6x of our FY12 Non-GAAP estimates of $1.25, below its historical average of 21x. At current share levels, we see upside of at least 25%+ and recommend investors accumulate shares."
To see all the upgrades/downgrades on shares of NVDA, visit our Analyst Ratings page.
NVIDIA Corporation (NVIDIA) is a provider of visual computing technologies and the inventor of the graphic processing unit (GPU), a processor, which generates graphics on workstations, personal computers, game consoles and mobile devices.
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