Citi Reiterates Buy Rating on NVIDIA (NVDA)

Citi analyst Atif Malik reiterated a Buy rating and $245.00 price target on NVIDIA (NASDAQ: NVDA).

The analyst comments "Taiwanese add-in graphics card/OEMs MSI + Gigabyte reported November monthly sales -7% M/M vs 3-yr Nov seasonality of +1% M/M overnight. Add-in-card and OEM computer makers like MSI (covered by Carrie Liu) are Nvidia's top gaming customers. Nvidia’s gaming sales show decent correlation (R2 ~0.9) with Taiwan add-in card/OEM total monthly reported sales over the last three years. With just one month of November data, gaming sales are tracking ~34% of Street’s -9% Q/Q Jan-Q or in-line with expectations (Citi -13% Q/Q). Recall Nvidia expects seasonal decline in notebook GPUs for gaming and switch related sales in the Jan-Q. Remain Buy-rated."

For an analyst ratings summary and ratings history on NVIDIA click here. For more ratings news on NVIDIA click here.

Shares of NVIDIA closed at $211.67 yesterday.

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