Wedbush Maintains Outperform on Nvidia Corporation Following Investor Meeting
In a research report published Friday, Wedbush analyst Betsy Van Hees maintained an Outperform rating on Nvidia Corporation (NASDAQ:NVDA) with a $24 price target, after hosting an investor meeting with CFO Colette Kress at Roth’s third and final day of the 13th Semi-Annual Bus Tour in Silicon Valley where primary areas of focus were the continued strength of the gaming GPU market, upcoming ITC litigation hearing on June 22, and new products were the main drivers behind elevated inventory levels.
The analyst noted, “We expect NVDA’s commitment to shareholder returns to continue to provide support to the stock and think shares will continue to trade in a tight range until there is better visibility on strength of 2H CY15 and outcome of the ITC hearing slated to begin June 22. Our 12-month PT of $24 is based upon about 14x our CY:16 pro forma EPS estimate of $1.30 plus $5.96 of net cash per share.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Betsy Van Hees has a total average return of 18.4% and a 53.8% success rate. Hees has a 8.6% average return when recommending NVDA, and is ranked #254 out of 3623 analysts.
Out of the 23 analysts polled by TipRanks, 9 rate Nvidia stock a Buy, 12 rate the stock a Hold and 2 recommend a Sell. With a downside potential of 2%, the stock’s consensus target price stands at $20.71.