Truist analyst William Stein lowered the price target on NVIDIA Corp. to $350 from $389 but kept a Buy rating on the shares. The price target implies an upside of 26.8 percent.
The company’s CES presentation, management meeting, and proprietary takeaways suggest upside potential to estimates.
However, his reduced price target also reflects the recent decline in earnings multiples investors are paying for “rapid-growth equities,” the analyst tells investors in a research note.
By Anusuya Lahiri
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