Citigroup (NYSE:C) Raises NVIDIA (NASDAQ:NVDA) on Major Tegra Chip Order

A huge order for Tegra Chips from Samsung caused Citigroup (NYSE:C) to raise their price target on NVIDIA Corp. (NASDAQ:NVDA), which will be delivered in the first half of 2011.

The Tegra 2 chips ordered will be used in tablet computers and smartphones. NVIDIA is expected to expand in these two segments next year.

Samsung's Tegra chip order will fall in the range of $250 million to $350 million.

EPS estimates were raised for full year 2011 from 28 cents to 33 cents, and for full year 2012 from 70 cents to 89 cents.

Citigroup maintains their "Buy" rating on NVIDIA, which closed Tuesday at $14.59, up $0.02, or 0.16 percent. Citi raised their price target on them from $17 to $20.