Nvidia, AMD Stocks Slip Premarket Despite Price Target Boosts: What's Going On?
Portfolio Pulse from Shanthi Rexaline
Nvidia (NVDA) and AMD (AMD) stocks slipped in premarket trading despite receiving price target boosts from Mizuho Securities analyst Vijay Rakesh, who raised Nvidia's target to $920 and AMD's to $200. The decline may be due to a cooling of buying interest after significant year-to-date gains and apprehensions ahead of the January inflation report. Nvidia is also set to report its quarterly results on Feb. 21.
February 13, 2024 | 12:39 pm
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NEUTRAL IMPACT
The Philadelphia Semiconductor Index (SOXX) is mentioned in context with the broader semiconductor market performance, which may influence investor sentiment towards NVDA and AMD.
While SOXX is not directly impacted by the news, its performance is a barometer for the semiconductor industry, potentially affecting investor sentiment towards companies like Nvidia and AMD.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
AMD's stock experienced a premarket decline despite its price target being raised to $200 by Mizuho Securities, potentially due to cooling buying interest and market apprehensions.
AMD's premarket decline, even after a price target increase, indicates a potential cooling of buying interest, possibly exacerbated by apprehensions about the inflation report. This suggests a cautious short-term outlook from investors.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
Nvidia's stock slipped in premarket despite a price target increase to $920 by Mizuho Securities, amid broader market apprehensions and ahead of its quarterly earnings report.
The premarket slip despite a significant price target boost suggests market apprehensions, possibly due to the upcoming inflation report and the anticipation of Nvidia's earnings. Given Nvidia's recent performance and market position, these factors are likely influencing investor sentiment.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90