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The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.
Nvidia stock has tripled over the past 12 months, but the boon of artificial intelligence (AI) likely represents additional upside. The company's next-generation servers featuring Blackwell processors are sparking strong demand ahead of their release.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
The market's attention is now shifting from the hype surrounding artificial intelligence-related stocks like NVIDIA Co. NASDAQ: NVDA and shortly in so-called ‘meme stocks' like GameStop Corp. NYSE: GME to the fact that the Federal Reserve (the Fed) is now promising interest rate cuts over the S&P 500 and its recent all-time highs.
Most of the market's attention has floated to the technology sector today, focused on the companies most exposed to developments around artificial intelligence and its expanding adoption in the global economy. As more and more services and platforms adopt artificial intelligence, the situation becomes more of a shovels and gold rush situation.
Stock splits are a hot-ticket item in 2024. Companies from NVIDIA NASDAQ: NVDA to Walmart NYSE: WMT and Chipotle Mexican Grill NYSE: CMG to Broadcom NASDAQ: AVGO are doing it, citing the same reasons.
After a brief fall into correction territory late last month, Nvidia looks to be heading up again and threatening its record closing high.
NewStreet Research's Pierre Ferragu downgraded Nvidia from buy to neutral. Ferragu has one main concern about the stock.
Nvidia stock is on a tear in 2024, which has this Wall Street analyst concerned about valuation.
A lot of stock-split investors are making these two mistakes.
Nvidia stock gained 12.7% across June's trading. The AI leader's valuation climbed thanks to bullish momentum for the broader market and positive coverage from analysts.