NVDA - Why Did 1 Wall Street Analyst Just Downgrade Nvidia Stock?
2024-07-09 05:50:00 ET
Nvidia (NASDAQ: NVDA) remains sizzling hot. Its share price has skyrocketed over 150% so far this year following a gain of nearly 240% in 2023. The company's sales jumped 262% year over year in the first quarter.
Everything seems to be going Nvidia's way. So why did one analyst just downgrade Nvidia stock?
On Friday, NewStreet Research analyst Pierre Ferragu did something rare these days: He downgraded Nvidia stock. Ferragu previously recommended the stock as a buy; he now maintains a neutral rating on the graphics processing unit (GPU) maker.
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Why Did 1 Wall Street Analyst Just Downgrade Nvidia Stock?