Nomura Securities Says NVIDIA (NVDA) Executive Departure Not a Great Loss

September 17, 2012 9:01 AM EDT
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Price: $105.16 --0%

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Nomura Securities reiterated its Buy-rating and $18 price target on NVIDIA (NASDAQ: NVDA), saying the executive departure not a great loss.

"Nvidia confirmed that its mobile business unit's (Tegra) general manager Mike Rayfield left the company," analyst Romit Shah notes. "While an executive departure creates uncertainty, we believe Mr. Rayfield’s resignation is not symptomatic of a deeper problem at Nvidia. Turnover is low. The mobile processor roadmap is solid. And Tegra revenues are likely tracking ahead of F13 guidance of $540m. This announcement adds to concerns regarding a slowing PC market and rival tablet launches, however, we believe shares of Nvidia reflect a fair amount of skepticism."

For an analyst ratings summary and ratings history on NVIDIA click here. For more ratings news on NVIDIA click here.

Shares of NVIDIA closed at $13.84 yesterday.

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