From The Street:
Here's what stock analysts are saying about Nvidia's fiscal first-quarter results.
Nvidia Corp. (NVDA - Get Report) shares slumped at the open on Friday despite the chipmaker beating earnings and revenue expectations for its fiscal first quarter on Thursday after the close. One area of concern: Nvidia told investors on Thursday that its cryptocurrency mining-related chip sales would fall sharply this quarter....MORE
On Friday morning, shares of Nvidia were trading down 2.7% to $254.27. Since the beginning of the year, shares have increased about 30%.
Here's what analysts had to say overall about Nvidia's first quarter results:
Joseph Moore, Morgan Stanley (Overweight, price target raised to $273)
"The stock is up almost 20% in the last month, so we weren't surprised to see some aftermarket weakness given the large cryptocurrency contribution to the upside - but the story remains compelling. Our upgrade was predicated on the company reducing cryptocurrency exposure without a downward revision to numbers around a strong PC gaming cycle, and while higher revenues from crypto this quarter increases the noise factor, the company's transparency and sharply reduced future expectations give us confidence. Our upgrade also focused on inference becoming a new driver for the HPC/cloud business, and we continue to see evidence of that."
Mitch Steves, RBC Capital Markets (Outperform, price target raised to $300)
"The Data Center segment in particular is showcasing triple-digit growth. Importantly, we think FY19E results (within Data Center and Gaming specifically) will be above expectations, which could cause our forward numbers to increase in a material fashion. We think the market now needs to encapsulate Data Center growth along with the previous expectations for both VR and potential Automotive upside."...
