Nvidia Stock Gets Price-Target Hikes. Why the Shares Are Falling
Nvidia was dropping early on Thursday as concerns about the artificial-intelligence trade looked to be outweighing positive assessments by analysts ahead of the chip maker's earnings.Nvidia shares were down 0.7% at $192.45 in premarket trading, broadly in line with the wider market. Among other chip makers, Advanced Micro Devices was down 0.8% and Broadcom was falling 0.2%.The focus continues to be on Nvidia's earnings on Nov. 19, which come amid a debate about potentially stretched valuations for companies linked to the AI boom."Nvidia remains best positioned to win in AI," wrote Oppenheimer analyst Rick Schafer in a research note, as he raised his target price on the stock to $265 from $225 and reiterated an Outperform rating. He backs Nvidia to beat consensus expectations of $1.25 in earnings per share and $54.7 billion in sales for the October quarter.That was echoed by Susquehanna analyst Christopher Rolland, who raised his target price on Nvidia stock to $230 from $210 with a Pos