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NVIDIA (NVDA) Stock Coverage Initiated at RBC Capital Markets

NEW YORK (TheStreet) -- RBC Capital Markets initiated coverage of NVIDIA Corp. (NVDA - Get Report) with a "sector perform" rating and a price target of $23 this morning.

NVIDIA is a technology company that makes graphics processing units. The company works in gaming and also creates chips for mobile devices. NVIDIA also works with researchers at Tesla Motors (TSLA).

RBC chose to initiate coverage in part because the company's revenue is shifting away from OEM and into auto, gaming and cloud.

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RBC believes NVIDIA's capital allocation program is healthy. The firm says that IP royalty payments will act as a drag with earnings tied to an Intel (INTC) agreement set to expire in the first quarter of 2018. The firm also says that PC declines are likely to offset growth segments in the near term.

Shares of NVIDIA were up 0.27% to $22.69 in late afternoon trading on Friday.

Separately, TheStreet...


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