Nvidia Stock Could Face Potential Pullback After Earnings Report, Warns Bank Of America Analyst
Portfolio Pulse from Benzinga Neuro
Bank of America analyst Vivek Arya warns of a potential pullback in Nvidia Corp (NASDAQ:NVDA) stock following its Q4 earnings report, citing an 11% implied post-earnings move based on bullish estimates. Despite this, Arya views the decline as temporary, attributing it to supply-side issues, and maintains Nvidia as an attractive investment, especially given its significant role in AI technology development.
February 20, 2024 | 4:29 am
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Nvidia Corp (NASDAQ:NVDA) may experience a temporary pullback post-Q4 earnings due to supply-side issues, despite bullish estimates and its strong position in AI technology.
The potential pullback is based on an analyst's forecast following Q4 earnings, driven by supply-side issues. However, Nvidia's strong fundamentals, especially in AI, and a valuation below its median suggest the decline could be short-lived, maintaining its attractiveness to investors.
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