Craig-Hallum downgrades ‘too expensive’ Nvidia after guidance cut

Craig-Hallum analyst Richard Shannon downgraded Nvidia to Hold from Buy with a price target of $180, down from $210. The stock in afternoon trading is down 7% to $175.77. The company’s preannounced results were much worse than guided and look like a repeat of fiscal Q4 2019 in the Gaming segment, Shannon tells investors in a research note. The stock is trading above most peers today and above its historic 30-times next 12months earnings estimate, which is “too expensive,” says the analyst.

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