Malik expects sequential growth in gaming sales to resume in the January quarter once the inventory overhang is cleared. Analyst Cody Acree wrote in a research note that the aggressive inventory clearance in the current quarter is “likely” to drive the stock to its near-term bottom.Ĭitigroup analyst Atif Malik reaffirmed a Buy rating but lowered the stock’s $285 price target to $248.
The firm said that clearing out its inventory of gaming and crypto-mining chips was “painful but necessary and welcome.” Cowen’s analyst fears that Nvidia’s stock price may be range-bound in the near term.īenchmark Capital maintained its Buy rating but lowered its $228 price target to $215. Hardware giant’s shares already lofty and trading at a 90 P/E after 2021 surge. Here is a sample of what each had to say.Ĭowen reiterated its Buy rating on the stock and its $200 price target. NVDA shares were flat after Q1 earnings beat already high expectations. AMD Revenue Warning Is Dissected by Wall Street. Most reiterated their previous ratings but lowered price targets. View real-time NVDA stock price and news, along with industry-best analysis. About 70% of Nvidia’s second-quarter revenue was down to data center sales.Ī half dozen brokerages have weighed in on Nvidia’s results.
CEO Jensen Huang said it will take time to sort out the supply chain challenges. Nvidia could have sold more but supplies of supporting chips were constrained. Data center sales hit a record level in the second quarter but were still short of projections. The big worry is the company’s data center business. The new model uses a small fraction of the electricity needed for crypto mining. They may get slower once Ethereum completes its transition to a proof-of-stake model rather than the proof-of-work model it and Bitcoin currently use. Sales of Nvidia’s graphics processors, which are heavily used in the crypto-mining business, also have been slow. Gaming chip sales were lower, as expected. Nvidia stock has traded at an average forward earnings. Nvidia has forecast revenue of $5.9 billion, less than a consensus estimate of $6.9 billion. At this pace, Nvidia's adjusted earnings could increase from 4.44 per share in fiscal 2022 to nearly 20 per share after five years. What had investors worried was the company’s outlook for the current quarter. The company had warned earlier that revenue and profits would be lower for the quarter, so that was no surprise. At the opening bell Thursday, shares traded down by about 1%. ( NASDAQ: NVDA) reported second-quarter results late Wednesday, investors promptly took the stock to the woodshed, cutting as much as 6% from the share price in after-hours trading.
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