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Nvidia Corp. (NASDAQ:NVDA) shares, which pulled back sharply on Thursday following the artificial intelligence stalwart’s quarterly results, are finding their feet. In premarket trading on Friday, the stock rebounded by nearly 1.5%.
The stock woes stemmed from unrealistic expectations of the Street, and with the company’s guidance showing the smallest increment relative to the consensus in several quarters, traders promptly trimmed their positions. A lack of clarity on the Blackwell 200 delay also hurt sentiment to some extent.
Investors’ fears may be unfounded, going by sell-side reactions to the earnings report. Not a single analyst tracked by Benzinga Pro downgraded the stock or lowered their price targets, with a few only nudging it higher. Most recommended buying the stock on its dip.
See Also: How To Buy Nvidia (NVDA) Stock
Fund manager Louis Navellier said he is not deterred by near-term weakness as he does not see any effective competitor emerging to disrupt the generative AI monopoly that Nvidia enjoys. “As a result, I am planning on holding Nvidia for several more years and I hope you are enjoying the ride in this great company that is truly a "once-in-a-lifetime stock" that can transform both your portfolio and lifestyle,” he said.
The average analysts’ one-year price target for Nvidia is $151.49, according to data compiled by TipRanks, and with the consensus price target, there could be over 28% upside potential.
After declining 6.38% in Thursday’s session, Nvidia rose 1.50% to $119.35 in premarket trading, according to Benzinga Pro data. Notwithstanding the near-term weakness, Nvidia is up about 144% for the year-to-date period. If Friday’s inflation data is benign, there is a good chance that Nvidia will make good its recent losses.
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Posted In: NVDA
