Will Nvidia Shares Weather Market Storm? Analyst Cuts Price Target By $100 On More China Chip Curbs But Sees Strong 2023 Finish
Portfolio Pulse from Shanthi Rexaline
KeyBanc Capital Markets analyst John Vinh has cut the price target for Nvidia Corp. (NASDAQ:NVDA) from $750 to $650 due to fresh U.S. restrictions on chip sales to China. Despite this, Vinh maintains an Overweight rating on Nvidia shares and expects the company to finish strong in 2023. He anticipates a marginal near-term effect on Nvidia from the updated U.S. export restrictions and expects China to accelerate purchases ahead of the Nov. 15 implementation of the new export controls.
October 20, 2023 | 9:54 am
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Nvidia's price target has been cut from $750 to $650 by KeyBanc analyst due to new U.S. chip sale restrictions to China. However, the analyst maintains an Overweight rating on the shares and expects a strong finish in 2023.
The new U.S. restrictions on chip sales to China have led to a cut in Nvidia's price target. However, the analyst believes that the company will manage to compensate with global demand and expects China to accelerate purchases ahead of the new export controls. This suggests a neutral short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100