Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Nvidia to $235 from $250 and reiterates an Overweight rating on the shares. The analyst reduced estimates based on “continued issues” in China and Russia, gaming laptop weakness, consumer pressure, and concerns on crypto. The demand environment in the October quarter will likely be very similar to that in the July quarter, with Russia and China adding continued pressure, Kumar tells investors in a research note. In addition, data on gaming laptop pricing suggests some level of weakness in the U.S. consumer, says the analyst.
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