Nvidia’s (NVDA) stock fell 1.68% on Tuesday and another 1.7% in pre-market trading, putting it down 15.2% from its all-time high of $152.89 in November. However, despite this recent downturn, investors may see it as an opportunity to invest before a potential recovery.
In the last couple of weeks, Nvidia’s shares have shown resilience, with the company beating Wall Street’s EPS and revenue estimates for eight consecutive quarters. This suggests that Nvidia still has room to run. The key concerns for bears are Nvidia losing business to rival chipmakers developing their own AI chips, such as Broadcom (AVGO), and Google and Meta reducing their reliance on Nvidia’s processors.
Despite these risks, top analysts like Christopher Rolland from Susquehanna maintain a positive outlook. He has a price target of $180 for NVDA based on a P/E multiple of 45.5, arguing that the company is well-positioned to take advantage of flourishing end markets.
Wall Street analysts are divided, with a Strong Buy consensus rating and an average price target of $177.14. A buy or sell decision ultimately depends on individual investor views.
Source: https://www.tipranks.com/news/nvda-stock-is-nvidias-bull-run-over