Wall Street got jittery last week as Wedbush Securities analyst Matt Bryson downgraded Nvidia ( NASDAQ:NVDA ) stock from outperform to neutral on Friday, Nov. 6, citing the company’s sky-high valuation. Bryson admitted that he doesn’t see any negative factors affecting Nvidia and remains positive about the company’s prospects. However, he added that he doesn’t see any justification for the rich multiples the stock is trading at. Interestingly, the Wedbush analyst raised his price target on Nvidia stock from $220 to $300. It’s worth noting that Nvidia stock has shot up nearly 133% in 2021, so it seems analysts are being cautious going into the company’s fiscal 2022 third-quarter earnings report, which is set to be released after the bell on Nov. 17. If Nvidia fails to outperform the high expectations it has set for itself — or if the semiconductor shortage messes up its near-term guidance, as we’ve seen happen to other chipmakers — then the stock could crash, and shareholders might lose some of the terrific gains they’ve scored this year. But a stronger-than-expected performance could send Nvidia stock soaring and make it more expensive. So what’s the best approach to Nvidia stock before its upcoming earnings report… Read full this story
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