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Technology Stocks : NVIDIA Corporation (NVDA)

NVDA 178.94

-0.9%

Nov 21 9:30 AM EST

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From: Frank Sully	11/12/2021 11:04:06 AM
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Bryson cuts Nvidia (NASDAQ: NVDA)to Neutral from Outperform with a $300 price target, up from $200 and right around where shares are trading now. "While typically we would want to tie a rating change to some sort of negative catalyst; frankly there is none," Wedbush analyst Matt Bryson says. "Conditions rather have only improved for NVDA over the past three months." Shares are trading at 55x Wedbush's 2024 numbers and "we would need to lift the multiple we use to determine our price target to ~67X in order to justify continuing with our OUTPERFORM rating," Bryson says. Even "with end market conditions (excepting IC shortages) all shifting in NVDA's favor, we just can't find a means of justifying a higher target price for NVDA beyond the levels that it currently trades," he adds. On fundamentals "the combination of unprecedented demand (particularly this late in the course of product cycles) for both data center and client offerings will allow NVDA to again exceed expectations next week when they report numbers and we expect the company will provide constructive guidance ahead of prior Street views," he adds. "In addition, the advent of the Omniverse and the more rapid electrification of autos and seemingly coinciding improvement in automotive intelligence could potentially allow NVDA to provide a more ambitious view of its future TAM." Other analysts: Nvidia price target raised to $400 from $300 at Rosenblatt, BUY Nvidia price target raised to $375 from $250 at BMO Capital Nvidia price target raised to $360 from $250 at Susquehanna Nvidia price target raised to $360 from $257 at Truist Nvidia price target raised to $350 from $235 at Oppenheimer Nvidia price target raised to $340 from $275 at BofA

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