NVDA Stock Price: Nvidia stock troubles continue as market whipsaws, sending tech lower
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UNLOCK OFFER- NASDAQ:NVDA fell by 3.66% during Thursday’s trading session.
- Piper Sandler downgrades NVIDIA rival AMD to a Neutral rating.
- Analysts still love NVIDIA even during this downturn in the markets.
NASDAQ:NVDA looked to be breaking out of its slump early Thursday morning, but by the end of the day, shares of the semiconductor giant were back below water. NVIDIA fell by 3.66% during the tumultuous trading day, and closed the session at $241.50. Even as the NASDAQ officially fell into correction territory this week, the tech-heavy index continued to descend further. All three major indices jumped out of the start this morning but by lunch a market reversal had erased all of the gains made earlier in the day. The NASDAQ fell a further 1.30% after major sell offs in the digital exercise company Peloton (NASDAQ:PTON) as well as a disappointing earnings call from Netflix (NASDAQ:NFLX).
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At least one Wall Street analyst is being turned off by the high valuations that semiconductor stocks gained over their torrid last year of gains. Piper Sandler downgraded one of NVIDIA’s largest rivals in AMD (NASDAQ:AMD) on Thursday. The analyst cited that PC demand could slow in 2022 and that AMD could feel headwinds from the closing of the deal for its acquisition of Xilinx. Finally, the analyst stated that the current market environment for high growth high multiple stocks is not conducive to high returns from AMD in 2022. Shares of AMD were down by 4.97% on Thursday.
NVIDIA stock forecast
So doesn’t AMD’s downgrade seem like it would apply to NVIDIA as well? Currently, Wall Street analysts are still enamored with NVIDIA with a street average consensus price target of $330 despite a higher multiple than AMD. Analysts fully expect NVIDIA to reach a $1 trillion market cap at some point in the next couple of years, and annual revenues to reach $60 billion.
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- NASDAQ:NVDA fell by 3.66% during Thursday’s trading session.
- Piper Sandler downgrades NVIDIA rival AMD to a Neutral rating.
- Analysts still love NVIDIA even during this downturn in the markets.
NASDAQ:NVDA looked to be breaking out of its slump early Thursday morning, but by the end of the day, shares of the semiconductor giant were back below water. NVIDIA fell by 3.66% during the tumultuous trading day, and closed the session at $241.50. Even as the NASDAQ officially fell into correction territory this week, the tech-heavy index continued to descend further. All three major indices jumped out of the start this morning but by lunch a market reversal had erased all of the gains made earlier in the day. The NASDAQ fell a further 1.30% after major sell offs in the digital exercise company Peloton (NASDAQ:PTON) as well as a disappointing earnings call from Netflix (NASDAQ:NFLX).
Stay up to speed with hot stocks' news!
At least one Wall Street analyst is being turned off by the high valuations that semiconductor stocks gained over their torrid last year of gains. Piper Sandler downgraded one of NVIDIA’s largest rivals in AMD (NASDAQ:AMD) on Thursday. The analyst cited that PC demand could slow in 2022 and that AMD could feel headwinds from the closing of the deal for its acquisition of Xilinx. Finally, the analyst stated that the current market environment for high growth high multiple stocks is not conducive to high returns from AMD in 2022. Shares of AMD were down by 4.97% on Thursday.
NVIDIA stock forecast
So doesn’t AMD’s downgrade seem like it would apply to NVIDIA as well? Currently, Wall Street analysts are still enamored with NVIDIA with a street average consensus price target of $330 despite a higher multiple than AMD. Analysts fully expect NVIDIA to reach a $1 trillion market cap at some point in the next couple of years, and annual revenues to reach $60 billion.
Like this article? Help us with some feedback by answering this survey:
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