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Nvidia Upgraded to market outperform by JMP Securities

 (Image source: seriousseverity.com)

Shares of NVIDIA Corporation (NASDAQ:NVDA) are rallying this morning after JMP Securities upgraded the graphics chipmaker to market outperform from market perform with a price target of $26 a share. Nvidia manufactures graphic chips used in personal computers. JMP Securities cited decreasing headwinds in the PC industry, Nvidia’s Tegra product brand increasing sales in automotive applications, and rising demand for Nvidia’s next generation of GTX cards eclipsing supply as reasons for the upgrade. At the current price target level, JMP Securities expects an upside of 45 percent in the stock.