New Street downgraded Nvidia (NVDA) to Neutral from Buy with a one-year price target of $135. The firm says the shares are “getting fully valued for the base case.” Share upside will only materialize in a bull case, in which the outlook beyond 2025 increases materially, and New Street does not have the conviction on this scenario playing out yet, the analyst tells investors in a research note. The firm says the “quality of the franchise is nevertheless intact,” and it would be buyers again of Nvidia, “but only on prolonged weakness.” Of the artificial intelligence stocks, New Street views AMD (AMD) and TSMC (TSMC) as the most attractive.
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