AmTech Reiterates Buy on NVIDIA (NVDA) Ahead of Q1 Earnings
American Technology Research reiterates its Buy rating and $26 price target on NVIDIA (Nasdaq: NVDA). NVIDIA is expected to report Q1 earnings on Thursday, May 8, after the market close.
The firm expects NVIDIA to report a seasonal sales decline of about 5% to $1.14 billion, versus the Street consensus of $1.15 billion. AmTech remains bullish on shares of NVIDIA as the firm sees the stock's potential FY09 growth attractive.
AmTech said its price target on NVIDIA is based on 19x the firm's forward 12-mo. EPS estimate of $1.41. This P/E is at the low-end of NVIDIA's historic trading range of 17x to 27x. AmTech's FY08 estimate is below the Street's FY08 EPS estimate of $1.65.
If investors would have listened to AmTech's last recommendation on NVIDIA (when the company's stock price was around $19) and purchased some shares, they would already be up about 15%. Based on AmTech's price target, investors could still see upside of about 18% from today's price around $22.
Check out StreetInsider's analyst coverage of NVIDIA to see how other analysts felt about the stock.
NVIDIA Corporation provides visual computing technologies designed to generate interactive graphics on consumer and professional computing devices in the United States and internationally. [BCS]
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