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UBS Warburg Upgrades NVIDIA to 'Buy'

UBS Warburg upgraded NVIDIA (NVDA) to buy from reduce.

Analyst Alex Guana says short-term sales of Sony's upcoming PlayStation portable (to compete with Nintendo's Game Boy Advance) and its newly launched game product, PSX, could adversely impact NVIDIA's exposure of Microsoft's Xbox, which doesn't have a portable version yet. NVIDIA's graphics chips helped to build Xbox.

However, Guana thinks the risk is more than offset by the longer term upside potential in NVIDIA's new product categories. He sees this addressable media channel broadening beyond PCs, notebooks, and gaming consoles, and thinks the company is well positioned for emerging opportunities. Guana says the attractive price points of NVIDIA's DX9 chip will impede Intel's ability to capture future graphics market share. He raised the 60 cents fiscal 2004 (Jan) earnings per share estimate to 62 cents, and raised the 66 cents fiscal 2005 estimate to 99 cents. He also raised his price target to $40.

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