Nvidia cuts price targets before releasing next week’s earnings

By Sam Bugeda

Investing.com – NVIDIA’s (NASDAQ: NVDA) price target was cut on Thursday by both Oppenheimer and Wedbush, the week after the company’s earnings release, May 25.

Oppenheimer analyst Rick Schaefer has cut his firm’s price target on the stock from $ 350 to 300 300 while maintaining an outperform rating. In a note to clients, analysts say Nvidia is the industry’s “lead AI (hardware / software) provider.”

Schaefer added that demand is surpassing supply, but current restrictions should be easier to headline in the second half of the year.

“Our long-term thesis remains intact because NVDA’s core leading gaming and AI accelerator franchises are positioned for outsourced structural growth,” the analyst wrote.

Meanwhile, Wadebush analyst Matt Bryson lowered the firm’s price target from $ 300 to $ 190 on Nvidia, leaving a neutral rating on the stock.

Bryson says he’s not particularly concerned about the company’s first-quarter results because he expects a more robust datacenter quarter. However, he believes sales issues will weigh on the company’s July outlook or October quarter results.

Nvidia shares rose 3% on Thursday.

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