Nvidia Shares Drop as Baird Cuts Price Target by 38 Percent, Downgrades to Neutral

Nvidia Shares Drop as Baird Cuts Price Target by 38 Percent, Downgrades to Neutral
Nvidia logo on a screen during a keynote address by Nvidia Founder, President and CEO Jen-Hsun Huang at CES 2017 at The Venetian Las Vegas on Jan. 4, 2017. Ethan Miller/Getty Images
Benzinga
Updated:

Baird analyst Tristan Gerra downgraded NVIDIA Corp to Neutral from Outperform with a price target of $225, down from $360.

The price target implied a downside of 2.7 percent.

Gerra contended that order cancellations recently started in consumer GPUs due to excess inventories, a slowdown in consumer demand and PC demand, and the Russia embargo.

Gerra adds that while Nvidia’s data center trends remain very strong, he saw a peak in annualized revenue comps in the current half of 2022.

Recently, Truist also slashed its price targets on Nvidia and other chipmakers due to the slowdown.

By Anusuya Lahiri 
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