Why Nvidia Stock Continued to Slump on Friday
Shares of Nvidia (NASDAQ: NVDA) continued to tumble on Friday, falling as much as 4.5%. As of 11:29 a.m. ET, the stock was still down 3.1%, capping off a week when shares have declined roughly 13%.
While the stock was no doubt caught up in the broader market downdraft, bearish comments by a Wall Street analyst about the state of the industry added further pressure to the share price.
Truist analyst William Stein painted a bleak picture for the semiconductor industry, at least in the near term, according to The Fly. While he maintained a buy rating on Nvidia shares, he lowered his firm's 12-month price target on the stock from $347 to $298. Even after the change, however, this still represents 23% upside for investors compared to Thursday's closing price.
Source Fool.com
