Nvidia gains 799% since 2023, but New Street Research downgrades to neutral due to rich valuation.
Nvidia (NVDA) has seen 799% gains since 2023 and outpaced the S&P 500 index, driven by the growth in AI chip demand. However, concern about the company's ability to sustain its rally has led to New Street Research downgrading Nvidia from buy to neutral due to its rich valuation. Analyst Pierre Ferragu has a one-year price target of $135, suggesting limited upside from current levels.
July 13, 2024
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