Why Nvidia Stock Got Trounced on Thursday
A victim of the recent sell-offs in tech stocks, Nvidia (NASDAQ: NVDA) had another tough session on the market Thursday. The company's stock took a 1.5% hit on the day because of an analyst's price-target cut. That decline was slightly steeper than the 1.1% fall of the S&P 500 index.
The cutting prognosticator was Vijay Rakesh of Mizuho Securities. Rakesh trimmed the level he feels is ideal for Nvidia stock to $205 per share, from his previous $225. He remains a believer in it, however, as he maintained his buy recommendation.
Rakesh was particularly eyeing the hyperscale market -- the massive companies that require vast amounts of computing power and are willing to spend capital to acquire this power.
Source Fool.com
