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The sell-side defends Nvidia (NVDA +2.3%) following yesterday's analyst day remarks, which...

The sell-side defends Nvidia (NVDA +2.3%) following yesterday's analyst day remarks, which included a promise to ramp buyback activity and a forecast for flat FY14 Tegra sales. Raymond James (Strong Buy) notes Nvidia disclosed its Tegra-specific R&D spend is lower than generally expected, something that now leads it to think the business is turning a profit (previous). Roth (Buy) is cutting its estimates, citing a delay in Tegra 4i's availability, but thinks Nvidia could keep gaining PC GPU share - the GPU improvements accompanying Intel's Haswell CPUs could stand in the way here. (analyst day slides)
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