Needham Cuts NVIDIA Corporation Estimates In Light Of Muted 2H15 Outlook
In a research report issued Friday, Needham analyst Rajvindra Gill reiterated a Buy rating on NVIDIA Corporation (NASDAQ:NVDA) with a price target of $27.00, which represents a potential upside of 34% from where the stock is currently trading.
Gill observed, “In conjunction with our industry note titled, “Avoid the Summer Heat, Let Estimates Cool Off,” we are lowering our estimates for NVDA given our expectations of a muted 2H15 recovery following a below seasonal 2Q. While INTC’s “better than feared ” report provides us some relief that PC weakness could be abating, we believe our previous estimates for the C2H15 reflected a steep recovery, albeit off a well-below seasonal C2Q.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Rajvindra Gill has a total average return of 17.8% and a 57.8% success rate. Gill has a -5.0% average return when recommending NVDA, and is ranked #98 out of 3712 analysts.
Out of the 23 analysts polled by TipRanks, 9 rate Nvidia Corporation stock a Buy, 12 rate the stock a Hold and 2 recommend Sell. With a return potential of 13.4%, the stock’s consensus target price stands at $22.89.