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Needham Upgrades Nvidia to Buy

Needham upgraded Nvidia (NVDA) to buy from hold.

Analyst Quinn Bolton says the graphic chip maker's valuation is near historic lows. He says Nvidia will completely refresh its product line-up by yearend, beginning with a mainstream NV43 part on Wednesday. Bolton believes an aggressive pricing environment is likely to prove temporary. He notes the GeForce 6 family of products carries significantly better gross margin than the GeForce FX family.

Bolton notes the company announced a $300-million stock buyback. He set a $15 target, raised hte 23 cents fiscal 2005 (Jan.) earnings per share estimate to 25 cents, and upped the 30 cents fiscal 2006 estimate to 45 cents. Bolton says a strong buy rating would require greater visibility into an earnings recovery.

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