Why Nvidia Stock Was Down on Tuesday
Shares of Nvidia (NASDAQ: NVDA) were trading down 5.5% as of 12:22 p.m. ET on Tuesday. Several analysts cut their price targets on the stock. This follows Nvidia's disclosure on Monday that revenue for the fiscal second quarter would come in below expectations.
Year to date, Nvidia stock is down 42% over concerns that slowing demand for graphics chips used by gamers in their PC gaming rigs would pressure Nvidia's top line. That has now come to fruition. Will the situation get worse before it gets better?
One analyst downgraded the stock from buy to hold, but most analysts maintained their previous ratings on the stock. Out of 48 Wall Street analysts who cover Nvidia, 81% rate the stock a buy.
Source Fool.com
