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Nvidia Stock Enters Technical Correction But Analysts Remain Bullish
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Main points
- Nvidia stock has entered correction territory, which occurs when the stock price falls 10% from its peak.
- Despite the recent decline, analysts remain bullish on the chipmaking giant’s long-term prospects.
- The company’s shares fell slightly last week after Chinese regulators said they would investigate the company for possible violations of antitrust laws.
NVIDIA (NVDA) stock slide in correct Monday, but analysts remained bullish on the chipmaking giant.
Nvidia shares fell 2% to $131.48 on Monday, and have fallen about 12% since a record closing high of $148.88 on November 7. A technical correction is considered to have occurred when a stock price falls 10% from its peak.
Despite the recent stock market plunge, investors don’t seem worried about the long term. Analysts at Bank of America and Bernstein both called Nvidia a “top pick” on Monday, with price targets of $190 and $175 respectively. The consensus price target among the 20 brokers covering Nvidia tracked by Visible Alpha is around $176.
Bernstein says 2025 could be a ‘very good year’ for Nvidia
Bernstein analysts acknowledged that Nvidia’s switch from Hopper chips to Blackwell chips has caused “recent anxiety,” but noted that “2025 looks like it could be a very good year.”
Last week, China’s State Administration for Market Regulation said Investigate the company Its acquisition of a network hardware manufacturer in 2020 may violate national antitrust laws Mellanx Technology. Still, Nvidia stock is set to rise 165% by 2024.
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