Stifel's Kevin Cassidy has hiked his Nvidia (NVDA +2.4%) PT to $21 from $19. He sees the chipmaker using its March 25 analyst day to discuss "many new product initiatives" that can deliver upside to estimates.
Citing the potential for margin expansion and upside to professional GPU and automotive performance, Cassidy is raising his FY16 (ends Jan. '16) EPS forecast to $1.30. That's well above a $0.93 consensus.
Strong demand for professional parts (i.e.Quadro workstation GPUs and Tesla HPC GPUs) helped Nvidia's GPU sales rise 14% Y/Y in the January quarter.