NVDA – Tweaking PT to $265 from $320. Reit outperform nothing has changed in our long-term thesis. We had a productive meeting with CEO Jensen Huang on Friday and fully believe in his defense of the long-term datacenter, gaming and auto. Investors left with little satisfaction on the near-term mis-forecast of crypto impacts and we believe it may take a qtr or 2 to fully ascribe how much of the reset was crypto related and to get a better understanding of the Turing product cycle upside.
Cowen_NVDA.pdfJD (Market Perform) - Lowering PT to $23 from $34. JD reported 3Q18 results that came in light vs. expectations as rev. was close to inline while EBITDA / EPS were below our est s . We tweaked our model 18- 23 lowering EBITDA to account for growing exp . related to fulfillment & weaker 4Q18 revenue guide. Slowing Chinese consumer spending could also impact NT. Net-net maintain Market Perform and Price Target goes to 23 from 34.
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