Why Nvidia Stock Got Thumped on Thursday
It wasn't good to be a tech stock on Thursday, and it was doubly uncomfortable to be Nvidia (NASDAQ: NVDA). The graphics card and autonomous driving solutions specialist saw its share price tumble by more than 4%, while the S&P 500 index "only" fell at a 2.5% pace on the back of a bearish new analyst report.
That report came from HSBC analyst Frank Lee, who initiated coverage of Nvidia stock in the morning before market open. Unfortunately for the tech company's investors, Lee launched his tracking of the shares with a reduce (i.e., sell) recommendation. He set his price target at $136 per share.
The prognosticator's take is based largely on price and valuation, as he feels the company still has plenty of room for expansion. He wrote that
Source Fool.com
