FBR Capital Maintains a 'Market Perform' on NVIDIA (NVDA); Raising PT on Slightly Better Results and Guidance

FBR Capital maintains a 'Market Perform' on NVIDIA (NASDAQ: NVDA), raises PT by $1 to $23.

FBR analyst says, "While we still have some concerns about Nvidia's declining chipset business, and the impacts of Intel's (Nasdaq: INTC) SandyBridge and AMD's (NYSE: AMD) Fusion CPU architecture changes, Nvidia does seem to be carving out profitable businesses in mainstream graphics, high-end professional graphics, parallel compute processing (Tesla), and in handset and tablet processors (Tegra)...Given loftier valuation metrics than most peers, we are more favorable on Broadcom (Nasdaq: BRCM) or Marvell (Nasdaq: MRVL), but we note Nvidia's solid execution and expanding Tegra market opportunity and we could get more constructive near $16–$17...we slightly raise our 2011 pro forma EPS estimate from $1.05 to $1.10, our 2012 estimate from $1.10 to $1.15."

For more ratings news on NVIDIA click here and for the rating history of NVIDIA click here.

Shares of NVIDIA closed at $20.50 yesterday.

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