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)

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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