Why Nvidia Stock Cratered on Friday
Shares of Nvidia (NASDAQ: NVDA) continued to tumble on Friday, falling as much as 8%. As of 1:41 p.m. ET, the stock was still down 7.5%, capping off a week when shares dropped roughly 10%.
While the chipmaker was no doubt caught up in the broader market decline, bearish comments by a pair of Wall Street analysts added further pressure to its stock price.
Wells Fargo analyst Aaron Rakers lowered his price target on Nvidia to $250, down from $370, while maintaining his overweight (buy) rating on the stock, according to The Fly. He expects solid growth from Nvidia's data center segment when the company reports its fiscal 2023 first-quarter results next week. That said, the analyst will be listening closely to management commentary regarding demand visibility, momentum, and progress for the Hopper product cycle. Rakers posits that any signs of weakness or decelerating growth wouldn't be warmly received by investors.
Source Fool.com
