William L. Moore
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NVIDIA's Transformation Is Complete; Canaccord Lifts Price Target To $80

Canaccord Genuity’s Matthew Ramsay expects the Pascal GPU to drive meaningful upside for NVIDIA Corporation , as compared to the consensus expectations for the October quarter, as well as guidance and results for the January quarter.

Ramsay reiterated a Buy rating on the company, while raising the price target from $70 to $80.

Transformation Complete

The analyst believes the company’s transformation “from a PC-leveraged GPU supplier to a diverse visual-computing company is now complete with growth and overall earnings power now driven by the company's four target growth markets of gaming, enterprise, HPC/cloud, and automotive that now represent >90 percent of non-IPR revenue.”

Ramsay also expects robust gaming GPU growth to continue in the near term, driven by the Pascal ramp, while new trends associated with virtual/augmented reality, deep learning and autonomous driving are expected to drive new market growth in the longer term.

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