Auriga commented on Nvidia NVDA in a report released today. In the report, Auriga was positive in its assessment of the company.
Auriga writes, "We assume coverage and upgrade Nvidia (NVDA) to a Buy from Hold and raise our price target to $24 from $19 as we see potential for strong growth in Tegra, which may more than offset its flattish GPU business. Our analysis leads us to conclude that Tegra remains at an early phase of growth and could reach $3bln per year by 2016 by leveraging sharp growth in Android/Windows tablets and also by increasing its market share in mid- to high-end smart phones. We are positive on the Icera (private) acquisition as it increases NVDA's TAM in smartphones and also secures long-term positioning versus other larger competitors. We also see potential for low double-digit growth potential in the Tesla/Quadro segment. While significant competitive risks remain in the tablet and super-phone segments, we believe that NVDA's early lead in dual/quad core processors, strong brand, and graphics edge position it well for significant share gains over many years."
Auriga currently has a Buy rating on Nvidia and a price target of $24. Shares of Nvidia closed at $19.50 on Friday.
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