Why Wedbush Downgraded Nvidia?

Why Wedbush Downgraded Nvidia?
The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan, on May 30, 2017. Tyrone Siu/Reuters
|Updated:

Wedbush analyst Matt Bryson downgraded NVIDIA Corp. to Neutral from Outperform with a price target of $300, up from $220, implying a 1.3 percent downside to November 11 closing price of $303.90.

The analyst cites valuation for the downgrade, with the shares trading at 55 times his 2024 numbers.