Why Nvidia Stock Was Falling This Afternoon
Shares of Nvidia (NASDAQ: NVDA) were down 4.5% as of 1:15 p.m. ET on Monday, following another analyst weighing in with a warning for investors.
Cowen analyst Matthew Ramsay stood by an outperform rating on the stock with a near-term price target of $180. The analyst sees long-term growth for the company but in the near term, he's concerned about mounting headwinds in semiconductors from a slowing PC market. This has sent Nvidia shares down 60% year to date.
The U.S. government introduced new restrictions on chip exports today. The move is intended to keep China's military from using advanced computing technology produced by U.S. companies. Nvidia stands to lose $400 million in quarterly revenue. But that's just a small piece of Nvidia's problems right now.
Source Fool.com
