Wells Fargo Upgrades NVIDIA (NVDA) to Outperform; More Positive View

Wells Fargo upgraded NVIDIA (NASDAQ: NVDA) from Market Perform to Outperform, price target raised from $14 to $16.

Wells analyst says, "We believe that in the near term a seasonal lift in PC-related chip demand and beyond that a recovery in the consumer PC end market could be positive catalysts for Nvidia’s stock. We are projecting 4-5% sequential sales growth for Nvidia in each of the next two quarters and 10% growth in FY2013 (calendar 2012). We think that some of the bigger risks like high investor expectations for Nvidia’s Tegra tablet and smartphone products are now incorporated in Nvidia’s lower stock price."

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

Shares of NVIDIA closed at $11.94 yesterday.

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