UPDATE: Correction - Nomura Securities Maintains a 'Buy' on NVIDIA (NVDA); ASUS Announcement Highlights Progress

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(Updated - July 18, 2012 9:56 AM EDT)

Correction - Nomura Securities maintains a 'Buy' on NVIDIA (NASDAQ: NVDA) price target of $18.00.

Analyst, Romit Shah said, "ASUS announced that it will use NVIDIA’s Icera modem along with the Tegra 3 processor in its upcoming Win RT tablet. This announcement highlights progress toward commercializing the Icera LTE modem. While positive, we do not see these design wins affecting estimates meaningfully. We estimate design wins at ASUS and ZTE would generate $50-70mn in incremental revenue and $0.02-$0.03 in EPS in CY12. We are positive on shares of NVIDIA, which trade at near historically low multiples of 13x earnings and 1x EV/sales."

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 $12.37 yesterday, with a 52 week range of $11.47-$16.90.

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