NVIDIA Corporation (NASDAQ: NVDA) has had a tumultuous year, but one analyst team sees reason for optimism.
Raymond James analysts Chris Caso maintained a Market Outperform rating with a $180 price target.
The analysts’ channel checks, including for the GeForce gaming GPU and 2080 Ti boards, reinforced third- and fourth-quarter expectations.
“Importantly, suppliers indicated there were no quarter-end deals, and no push for revenue late in the quarter — historically, suppliers say NVIDIA will typically make quarter-end deals if sales are running below expectations, and the lack of this activity should be taken as an encouraging sign,” Caso and Fairbanks wrote in a note. They consider the lack of deals a positive sign for the gaming business.
Notably, the channels lacked any indication of an imminent launch of the 7-nanometer datacenter product. As a result, Raymond James expects a product launch in the first or second quarter of 2020 instead of the current quarter.
Caso said, however, that the "difference of a few months naturally doesn't change our longer term view.. but the timing could have an impact on quarterly results."
At time of publication, Nvidia shares traded up 1.4% at $210.50.
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