UPDATE: Evercore Group Upgrades NVIDIA on Progress in Growth Drivers

In a report published Thursday, Evercore Group analyst Patrick Wang upgraded the rating on NVIDIA (NASDAQ: NVDA) from Underweight to Equal-Weight, and raised the price target from $12.00 to $16.00.

In the report, Evercore Group noted, “NVIDIA continues to make progress in its growth drivers (auto, GRID, Tesla) while its core GPU business holds down the fort – especially during a choppy PC backdrop. We believe NVIDIA is headed in the right direction from a technology standpoint; however, the timing of revenue ramps (mostly 2015) and a rich valuation (22x FY16 EPS) keep us on the sidelines.”

NVIDIA closed on Wednesday at $16.83.