- Morgan Stanley's Joseph Moore has downgraded Nvidia (NVDA -2%) to Underweight, citing an "uncertain" earnings growth outlook and concerns about Intel royalties.
- The downgrade comes two weeks after Nvidia rallied sharply in the wake of its FQ3 report. Though the chipmaker posted in-line results and below-consensus FQ4 guidance, it also upped its dividend and added $1B to its buyback plan.
- Nvidia has been collecting $66M/quarter in royalties from Intel, thanks to a $1.5B, 6-year, cross-licensing deal reached in early 2011.
Nvidia hit by Morgan Stanley downgrade
Nov 18 2013, 10:29 ET