Nvidia (NVDA) Receives a Hold from B.Riley FBR

By Carrie Williams

In a report issued on January 9, Craig Ellis from B.Riley FBR assigned a Hold rating to Nvidia (NVDAResearch Report), with a price target of $190. The company’s shares opened today at $144.33, close to its 52-week low of $124.46.

Ellis observed:

“Sunday evening on 1/6, NVIDIA (NVDA) CEO Jen-Hsun Huang kicked off CES in a webcast we believe had two incremental Gaming takeaways. There were no major Auto announcements, though Huang noted additional news would come later in the show. We believe that for Gaming, new product news is important if somewhat expected following T3- week web reports on a looming refresh. Specifically, a new family of GeForce RTX 2060 mid- range cards starting at $349 launches 1/15 while mobile RTX product availability hits on 1/29 with a 2.5x Y/Y increase in Max-Q adoption by OEM’s top 17 models out of 40 total design wins.”

According to TipRanks.com, Ellis is a top 100 analyst with an average return of 18.1% and a 57.3% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Applied Materials Inc, and Axcelis Technologies.

Currently, the analyst consensus on Nvidia is a Moderate Buy with an average price target of $228.81, implying a 58.5% upside from current levels. In a report issued on January 7, Citigroup also reiterated a Hold rating on the stock with a $244 price target.

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Based on Nvidia’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $3.18 billion and net profit of $1.23 billion. In comparison, last year the company earned revenue of $2.64 billion and had a net profit of $838 million.

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NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the Graphics Processing Unit (GPU) and Tegra Processor segments.