Nvidia stock dropped 17% but analysts still recommend buying due to AI and chip potential.

From Nasdaq: 2024-07-30 05:45:00

Nvidia’s stock has seen a massive ninefold increase since 2022, but recent weeks have seen a 17% drop. Despite this, analysts maintain buy ratings, with price targets increasing. Concerns about valuation and mixed analyst outlooks raise doubts, but many still believe in Nvidia’s future success in AI and new chip technologies.

Four analysts reiterated buy ratings for Nvidia after its recent pullback, with price targets between $140 and $175. Some analysts are less optimistic, citing concerns about valuation. However, many believe Nvidia will continue to lead in AI chips and see potential for growth with the upcoming Blackwell architecture launch.

The Motley Fool Stock Advisor team did not include Nvidia in their list of the 10 best stocks to buy now. However, their picks have historically outperformed the S&P 500. Investors are advised to consider their recommendations and investment strategies before deciding whether to invest $1,000 in Nvidia or explore other opportunities.



Read more at Nasdaq: Nvidia Stock Plunges: Why Some Wall Street Analysts Think It’s Still a No-Brainer Buy