Analyst Kevin Cassidy increased the price target for the chipmaker to $21 from $19 while maintaining a "buy" rating for the stock. Cassidy said Nvidia may use its March 25 analyst day to talk about "many new product initiatives" which can deliver an upside to estimates.
Cassidy also raised his full-year 2016 earnings forecast for the company to $1.30 a share, well above the consensus of 93 cents a share for the year.
Must read: Warren Buffett's 10 Favorite Stocks
TheStreet Ratings team rates NVIDIA CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NVIDIA CORP (NVDA) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, reasonable valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: