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PNM Resources, Inc. (PNMR) is an investor-owned holding company with approximately two regulated utilities providing electricity and electric services in New Mexico and Texas. PNMR's electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). It operates in three segments: PNM, TNMP, and Corporate and Other. The Company, through its Website provides information, including news releases, notices of Webcasts, and filings. PNM is an electric utility that provides electric generation, transmission and distribution service to its rate-regulated customers. TNMP is a regulated utility operating in Texas. TNMP provides transmission and distribution services in Texas under the provisions of Texas Electric Choice Act (TECA) and the Texas Public Utility Regulatory Act. The Corporate and Other segment includes PNMR holding company activities, related to corporate level debt and PNMR Services Company.

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Nvidia stock hits record high as analysts laud plans for an Arm-based data-center CPU

11:35 am ET April 13, 2021 (MarketWatch)

By Wallace Witkowski

More than a dozen analysts hike price targets in response to new chip based on Arm technology, though one says move 'could make regulatory antitrust approval more difficult to obtain' in pending merger

Nvidia Corp.'s stock traded at record highs Tuesday as analysts hiked price targets and applauded the chip maker's plans to branch out into its rivals' territory.

Nvidia (NVDA) shares hit a new intraday record high of $625.40 Tuesday, squashing the previous record of $614.90 set in February and putting the stock on a track for a new closing high. Nvidia shares just missed setting a record closing high Monday ( with a 5.6% rally to close at $608.36.

Monday's gains came on the first day of the chip maker's weeklong GTC developers conference, where the company said its first-quarter revenue was trending better than expected and announced a new data-center CPU (, code-named "Grace," that is meant to compete with the dominant server chips of Intel Corp. (INTC) and Advanced Micro Devices Inc. (AMD)

Grace uses technology that has never really caught on in data-center use previously from Arm Holdings PLC, which Nvidia announced back in September ( wanted to buy from SoftBank Group Corp. for $40 billion. Since the deal was announced, many have noted that getting regulatory antitrust approval for the purchase will be tricky.

Don't miss: Nvidia steps up competition with Intel and AMD with first data-center CPU (

More than a dozen analysts increased their price targets on Nvidia stock Tuesday morning as a result of the product and forecast announcements. Many said they were surprised to see the push to build a new Arm-based product as the deal is seeking regulatory permissions, but liked the move nonetheless.

Citi Research analyst Atif Malik, who has a buy rating and a $660 price target, said the Grace announcement was positive "as it shows what Nvidia can deliver with or without Arm deal close."

"That said, it is a complicated addition to the portfolio, ahead to the pending merger with Arm, which could make regulatory antitrust approval more difficult to obtain," Malik said.

Susquehanna Financial analyst Christopher Rolland, who has a positive rating and a $700 price target, said Nvidia's "message was clear" in its announcement of the Grace chip.

"Nvidia plans to invest heavily to accelerate ARM's proliferation into the data center," Rolland said. "The lines between Intel, AMD and NVIDIA blur further as we expect a different DC landscape in 2025."

Read: Worldwide chip shortage expected to last into next year, and that's good news for semiconductor stocks (

Cowen analyst Matthew Ramsay, who has an outperform rating and a $675 price target, said that "with or without M&A," Nvidia's Grace announcement was a surprise.

"We firmly believed it was only a matter of time before Nvidia launched its own Arm-based CPU product; however, we did not expect it to be announced publicly while the Arm deal was under regulatory review," Ramsay said. "At a time when industry players and regulators are taking a hard look at the controversial deal, we were surprised at the announcement despite our checks indicating development had been under way since before the Arm deal was announced."

Evercore ISI analyst C.J. Muse, who has an outperform rating and a $675 price target, said that he see earnings of $14 or more a share in 2021 given the company's report that demand is expected to outpace supply this year, even as supply is improving. Analysts surveyed by FactSet expect an average $13.34 a share in earnings in 2021.

"Overall, we view Nvidia as well-positioned as the enabler of industry revolution across verticals as we progress to the next waves of AI," Muse said.

Jefferies analyst Mark Lipacis, who has a buy rating and a $680 price target, said that other announcement, like Nvidia's collaboration with Inc.'s (AMZN) Amazon Web Services, new software products for business customers and new AI models supported his "2025 $50 EPS earnings power thesis." In 2020, Nvidia reported earnings of $10 a share.

Of the 38 analysts who cover Nvidia, 31 have buy ratings on the stock, five have hold ratings, and two have sell ratings, according to FactSet. Of those, 14 hiked their price targets, resulting in an average price target of $654.47, up from a previous $642.85, according to FactSet data.

-Wallace Witkowski; 415-439-6400;


(END) Dow Jones Newswires

April 13, 2021 11:35 ET (15:35 GMT)

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