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NVIDIA Corp. (NASDAQ:NVDA) was upgraded by equities research analysts at Evercore Partners from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $16.00 price target on the stock. Evercore Partners’ price objective would indicate a potential downside of 0.31% from the stock’s previous close.

The analysts wrote, “It seems more likely mgmt shutters its efforts in Tegra for smartphone,” the report noted. “While Tegra 4i is bound to capture some design wins (updates at MWC), it’s unlikely to achieve critical mass and thus drive the volumes needed to justify this investment. We estimate a 50% reduction of Tegra op-ex (total: $300mn/yr) with continued efforts for auto / industrial / gaming / tablets. If so, this adds ~15c to annual EPS.”

A number of other analysts have also recently weighed in on NVDA. Analysts at Canaccord Genuity downgraded shares of NVIDIA Corp. from a “buy” rating to a “hold” rating in a research note to investors on Thursday, January 9th. They now have a $16.00 price target on the stock. Separately, analysts at UBS AG downgraded shares of NVIDIA Corp. from an “equal weight” rating to an “underweight” rating in a research note to investors on Monday, November 18th. Finally, analysts at Morgan Stanley downgraded shares of NVIDIA Corp. from an “equal weight” rating to an “underweight” rating in a research note to investors on Monday, November 18th. They now have a $13.00 price target on the stock, up previously from $8.00. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $15.42.

NVIDIA Corp. (NASDAQ:NVDA) traded up 0.38% during mid-day trading on Tuesday, hitting $16.05. 6,151,916 shares of the company’s stock traded hands. NVIDIA Corp. has a 52-week low of $12.00 and a 52-week high of $16.44. The stock has a 50-day moving average of $15.66 and a 200-day moving average of $15.24. The company has a market cap of $9.125 billion and a price-to-earnings ratio of 20.66.

NVIDIA Corp. (NASDAQ:NVDA) last announced its earnings results on Thursday, November 7th. The company reported $0.26 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.20 by $0.06. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company’s quarterly revenue was down 12.5% on a year-over-year basis. Analysts expect that NVIDIA Corp. will post $0.67 EPS for the current fiscal year.

NVIDIA Corporation (NASDAQ:NVDA) is engaged in creating the graphics chips used in personal computers (PCs).

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