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Nvidia stock was downgraded to ‘Neutral’ by NewStreet Research on valuation concerns.
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Analyst Pierre Ferragu cited limited upside in the shares after a 157% year-to-date rally.
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“We would be buyers again, but only on prolonged weakness,” NewStreet Research said.
Nvidia stock got a rare downgrade on Wall Street on Friday.
NewStreet Research analyst Pierre Ferragu downgraded shares of the artificial intelligence powerhouse to “Neutral” from “Buy” in a Friday note, arguing that the stock appears to be fully valued.
Ferragu hasn’t necessarily turned bearish on the stock. The analyst has a one-year and two-year price target of $135 and $143, respectively, representing potential upside of 6% and 12% from current levels.
He’s simply less bullish than he has been recently, and less optimistic than much of the rest of Wall Street.
“We see limited further upside based on…
