Two Wall Street analysts have their price target at
but the stock fell as momentum for the graphics chip maker’s once red-hot stock cooled further this week.
Bank of America raised its price target for Nvidia (ticker: NVDA) from $260 to $275. Analyst Vivek Arya maintained his buy recommendation for the stock, saying in a note including a larger appeal to the sector that certain chipmakers are benefiting from price power and ‘disciplined supply’.
Arya also maintained Buy ratings on Microchip technology (MCHP) and KLA Corp. (KLAC) and raised price targets for both: Microchip from $170 to $185; KLA to $450 from $425, saying it sees “limited upside potential versus our” [price target]compared to other stocks in our coverage.”
Truist Securities, meanwhile, said Nvidia remains the company’s “best large-cap growth idea.”
Analysts led by William Stein said they recently hosted a face-to-face meeting with Colette Kress, the company’s chief financial officer, and while “we don’t believe NVDA has made any new material disclosures… risk of crypto overhang), pro -viz, data center and automotive.”
Truist raised his price target for the stock from $230 to $257.
Forty-one analysts polled by FactSet rate the stock at Overweight with an average price target of $230.52.
The optimism didn’t help Nvidia stocks on Friday. Shares fell 1.2% to $219.75 after falling more than 2.2% in the past five days. Still, the share has risen by about 68% in 2021 so far.
Investors have been eagerly awaiting a European Union ruling next month on Nvidia’s $40 billion plan to buy chip technology maker Arm.
The EU has set October 13 as the deadline to make a ruling on Nvidia’s plan to buy Arm.
“We are in the regulatory process and we look forward to working with the European Commission to address any concerns,” Nvidia said in a statement earlier in September. “This transaction will be beneficial to Arm, its licensees, the competition and the industry.”
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