Nvidia stock was downgraded to 'Neutral' by NewStreet Research on valuation concerns.
AdvertisementNvidia stock got a rare downgrade on Wall Street on Friday.
Ferragu said that while Nvidia still has the strongest AI franchise amongst its competitors, a "more prudent view on the stock" is necessary after its year-to-date rally of 157%.
Downbeat opinions on Nvidia are rare among Wall Street analysts, with 89% of the 72 analysts who cover the company rating the stock a "Buy," according to data from Bloomberg.
AdvertisementFerragu's $135 price target falls in-line with the average 12-month price target on the stock at $134.77.
Persons:
Pierre Ferragu, —, Ferragu
Organizations:
NewStreet Research, Service, Nvidia, NewStreet, Wall Street, Bloomberg