Nvidia: Why $700 Is Our Signal To Back Off (Rating Downgrade)

Summary:

  • Nvidia Corporation has reached our forecasted 2024 price target of $700.
  • We believe the 40% rally YTD has backed in many of the positives to the near-term operating and financial momentum.
  • We believe caution is warranted ahead of Nvidia Corporation’s upcoming Q4 earnings report.

NVIDIA logo at supermicro keynote during the COMPUTEX 2023...

SOPA Images/LightRocket via Getty Images

Nvidia Corporation (NASDAQ:NVDA) is up more than 40% to start the year, extending the breathtaking 2023 rally, with the company adding more than $1 Trillion in market cap over the last twelve months. Without being dramatic, the emergence


Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.


Add some conviction to your trading! Take a look at our exclusive stock picks. Join a winning team that gets it right. Click for a two-week free trial.

Leave a Reply

Your email address will not be published. Required fields are marked *