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Wedbush Downgrades Nvidia to Hold

Wedbush Morgan downgraded Nvidia (NVDA) to hold from buy.

Analyst David Wu says second-quarter results were very disappointing, and he cited three factors: 1) a 17% drop in discrete desktop-graphics chip-unit sales due to aggressive pricing of integrated graphics chips by Intel; 2) Nvidia expected to start shipments of PCI express compatible boards in May, but the delay in Intel's Grantsdale chipset ramp, combined with a production recall, caused orders for the high-end desktop market to be pushed out; 3) marketshare loss in the mainstream DX9 chipset, due to aggressive competitive pricing from.

Wu slashed the $1.00 fiscal 2005 EPS estimate to 26 cents, and cut the $1.30 fiscal 2006 estimate to 80 cents.

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