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Nvidia Stock Enters Technical Correction But Analysts Remain Bullish
Key Takeaways
Nvidia ( NVDA ) stock slipped into correction territory Monday, but analysts are still bullish on the chipmaking giant.
Nvidia shares fell 2% intraday Monday to $131.48 and are down about 12% since their record closing high of $148.88 on Nov. 7. A technical correction is considered to have occurred when shares dropped 10% from their peak.
Despite the recent slump, investors don't seem to be worried in the long term. Analysts at Bank of America and Bernstein each called Nvidia a "top pick" Monday, posting price targets of $190 and $175, respectively. The consensus price target among 20 brokers covering Nvidia tracked by Visible Alpha is about $176.
Bernstein Says 2025 Likely To Be 'Exceedingly Good Year' for Nvidia
Bernstein analysts acknowledged "recent angst" caused by Nvidia's shift from Hopper to Blackwell chips, but noted that "2025 seems likely to be an exceedingly good year."
Nvidia stock took a slight hit last week after China's State Administration for Market Regulation said it is investigating the company for potential violations of the country's anti-monopoly laws related to its 2020 acquisition of networking hardware maker Mellanox Technologies . Still, Nvidia stock is up 165% in 2024.
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