NVIDIA Stock Breaks Down Despite Bullish Analysts
NVIDIA Corporation (NVDA) shares fell more than 4% during Monday’s session despite bullish analyst commentary ahead of its much-anticipated earnings report on Thursday. Morgan Stanley analyst Joseph Moore raised his price target from $148.00 to $170.00 and reiterated his Equal Weight rating on NVIDIA stock, saying that the chipmaker should “clear a low bar” with its gaming chips when it reports earnings this week. Moore added that the company has one of the “better secular growth outlooks” in his coverage universe and noted that Wall Street seems willing to give the company the benefit of the doubt. Bank of America Merrill Lynch analyst Toshiya Hari also remains bullish on NVIDIA’s long-term prospects in gaming but is more cautious in the short term.
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