Nvidia Soars After Big Q1 Beat

NVIDIA Corporation (NASDAQ: NVDA) are up sharply after hours, following a substantial first-quarter earnings beat.

The stock has been on an absolute roll, now up over 200 percent in the past year.

• NVIDIA reports Q1 Adj. EPS $0.85, beating estimates by $0.18
• Sales Came in at $1.94 billion, beating estimates by $30 million
• Sees Q2 sales of $1.95 billion against a $1.89 billion consensus estimate

"First quarter revenue of $1.94 billion increased 48 percent year over year and decreased 11 percent sequentially. Growth was driven by GPUs for gaming, datacenter, and professional visualization, as well as for Tegra® automotive systems," NVIDIA CFO Collette Kress said.

Shares of NVIDIA were up more than 13 percent at $117.37 in the after-hours session.

According to CNN Money, 38 analysts have ratings on Nvidia. The stock has a total of 20 Buy/Outperform ratings and just 5 Sell/Underperform ratings. Its average analyst price target of $120 represents more than 14 percent upside from Tuesday's intra-day levels.

Earlier this week, Bank of America analysts said Nvidia is well-positioned for long-term growth that could push shares higher to the $150-$175 range by 2020.

Image Credit: By yoggy0 from Yokohama, Japan (SIGGRAPH Asia 2009) [CC BY 2.0], via Wikimedia Commons