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UBS Upgrades Nvidia to Neutral

UBS Financial upgraded graphics-chipmaker Nvidia (NVDA) to neutral from reduce.

Analyst Michael Urlocker says results for Nvidia's third-quarter were generally good following a very poor quarter in July. He notes revenue was $30 million better than his forecast, driven by stronger than expected desktop chips.

He adds that new desktop models in the GeForce 6 family showed big unit growth, up 500% to about $90 million in revenue from $30 million in the prior quarter.

Urlocker raises 31 cents fiscal 2005 (ending January) earnings-per-share estimate to 46 cents, and 65 cents fiscal 2006 earnings-per-share estimate to 75 cents. He raises the company's target price to $17.50, which is based on a p-e multiple of 19 times, vs. a previous multiple of 18.

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