Nvidia gains as New Street Research upgrades after sell-off
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Contributor since / Followers
Contributor since / Followers
4 months ago
BING-JHEN HONG
- Nvidia (NASDAQ:NVDA) was in focus on Tuesday after New Street Research upgraded the semiconductor giant, citing recent weakness in shares.
- Shares rose 3.2% in early trading.
- Nvidia has lost more than 20% of its value since it peaked in June, which analyst Pierre Ferragu said is a “healthy” correction. And while there may be some “limited and tactical headwinds” specifically related to the company, the decline provides investors with a chance to get more exposure, Ferragu added. Ferragu raised his rating to Buy from Neutral.
- Nvidia is set to report quarterly results later this month. A consensus of analysts expects the company will earn $0.82 per share on $28.5B in revenue.
- Analysts are largely bullish on Nvidia (NVDA). It has a HOLD rating from Seeking Alpha authors, while Wall Street analysts rate it a STRONG BUY. Conversely, Seeking Alpha’s quant system, which consistently beats the market, rates NVDA a HOLD.