FBR Capital Markets reduced its rating on NVIDIA NVDA from Outperform to Market Perform and lowered its price target from $17.50 to $14.
FBR Capital Markets commented, "We are downgrading shares of NVDA to Market Perform as we meaningfully reduce exposure to PC chip stocks given ongoing demand weakness, poor reports about Win8 uptake and consumer receptivity, and continuing smartphone/tablet cannibalization impacts. While we do think NVIDIA is the most resilient PC chip stock in the sector today thanks to its "premium" product positioning in PCs … [w]e are moving to the sidelines with NVDA and rate the stock Market Perform given ongoing demand weakness in PCs, smartphone/tablet cannibalization impacts, and a lack of meaningful catalysts until next year."
NVIDIA closed at $12.86 on Thursday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in