Nvidia Stock in Correction Territory
Nvidia stock has entered correction territory, which happens when shares fall 10% from their peak. Despite this recent slide, analysts are optimistic about the chipmaking giant’s long-term prospects.
Analysts Bullish on Nvidia
Even though Nvidia shares fell 2% intraday Monday to $131.48 and have decreased by about 12% since their record closing high of $148.88 on Nov. 7, analysts at Bank of America and Bernstein remain upbeat on the company. Both firms have labeled Nvidia as a « top pick », with price targets of $190 and $175, respectively. The consensus price target among 20 brokers covering Nvidia is approximately $176.
Bernstein Outlook for Nvidia
Bernstein analysts acknowledged concerns over Nvidia’s move from Hopper to Blackwell chips but foresee a promising future ahead, particularly noting that « 2025 appears to be a highly promising year » for the company.
Nvidia Facing Regulatory Scrutiny in China
Nvidia’s stock experienced a slight decrease last week following the announcement by the China’s State Administration for Market Regulation that they would investigate the company for potential violations of anti-monopoly laws related to its acquisition of Mellanox Technologies. Nevertheless, Nvidia stock has seen a 165% increase in 2024 despite this development.
Source : www.investopedia.com