Why This Nvidia, Qualcomm Analyst Is Lowering Price Targets for These Chip Stocks

Why This Nvidia, Qualcomm Analyst Is Lowering Price Targets for These Chip Stocks
An illuminated sign at the Nvidia booth at the Las Vegas Convention Center on Jan. 5, 2017. David Becker/Getty Images
Benzinga
Updated:

Nvidia Corporation  shares command a premium valuation, and sell-side’s theses have all along justified its valuation due to the chipmaker’s strong growth profile and optionality.

An analyst at KeyBanc Capital Markets, however, deemed it fit to downwardly revise the price target, and here’s why:

Semiconductor Analyst

Analyst John Vinh maintained an Overweight rating on Nvidia shares and reduced the price target from $350 to $310.