J.P. Morgan Chase & Co. is out with a research report on semiconductors. Nvidia NVDA is mentioned in the report.
In the note, J.P. Morgan writes, "Wolfson Micro (covered by Robert Owens) released a trading update this morning. Revenues for Q2 are now expected to be in the range $37m-$39m (down 7.5% QoQ at the midpoint) which compares to previous JPMe of $41.4m and company compiled consensus of $42.2m. For 2011 the company now expects revenue growth of 10-20% versus previous JPM forecast of 30%. The company cited a delay in key customers' new products as negatively impacting Q2 revenues and the ramp of revenues in H2. Specifically, we believe this relates to new RIM handsets ramping later in 2011E than previously expected and the delay in the Nvidia variant of the
Samsung Galaxy S2 handset. Furthermore we believe that Wolfson has been negatively impacted by exposure to non-Apple tablets in addition to general cautiousness in the consumer electronics industry."
Shares of NVDA lost 47 cents on Friday to close at $15.74, a loss of 2.9%.
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