On Tuesday, Nvidia (NVDA, Financial) shares slid 2 percent to $134.9 during one low of $135.67 in trading. Trading was very quiet, and the volume was out of 45.6 million shares, less than 10% of the average daily volume of 376.9 million shares. At the close on Friday, the stock finished at $137.49.
While NVIDIA shares suffered a minor setback, Wall Street analysts are still optimistic that NVIDIA’s long-term growth prospects will be strong. Earlier this month, Susquehanna raised its price target on the semiconductor giant from $160 to $180 and maintained its ‘positive’ rating. TD Cowen also reiterated a “buy” rating with a hike to its price target from $165 to $175. Other firms, among them Truist Financial and The Goldman Sachs Group, also raised their targets after they said they saw strong demand for NVIDIA’s products in AI and data center markets.
Da Davidson, however, was more measured, lifting its price target and putting a ‘neutral’ rating on the stock. NVIDIA ranked Moderately Buy with 39 “buy” ratings, 4 “holds” and 1 “strong buy.” It now sets the consensus price target for the stock at $164.15.
Despite short term fluctuations, the analysts report that NVIDIA is in a strong position to fuel future growth, with new artificial intelligence, gaming, and enterprise markets making the stock an attractive sell point for longer term investors.
This article first appeared on GuruFocus.
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