:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2189333928-6b8021bd662b42c9ba84313da92a1332.jpg "The logo of Nvidia is seen on a smartphone screen")
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Key Takeaways
- Nvidia stock has entered correction territory, which occurs when shares fall 10% from their crest.
- Despite the recent slide, analysts remain bullish on the chipmaking giant long term.
- The company’s stock lured a slight hit last week after Chinese regulators said they would investigate the company for potential breaches of anti-monopoly laws.
Nvidia (NVDA) stock slipped into correction territory Monday, but analysts are still bullish on the chipmaking Goliath.
Nvidia shares fell 2% intraday Monday to $131.48 and are down about 12% since their extreme closing high of $148.88 on Nov. 7. A technical correction is considered to have occurred when shares dropped 10% from their summit.
Despite the recent slump, investors don’t seem to be worried in the long term. Analysts at Bank of America and Bernstein each invited Nvidia a “top pick” Monday, posting price targets of $190 and $175, respectively. The consensus price target volume 20 brokers covering Nvidia tracked by Visible Alpha is about $176.
Bernstein Says 2025 Likely To Be ‘Remarkably Good Year’ for Nvidia
Bernstein analysts acknowledged “recent angst” caused by Nvidia’s shift from Hopper to Blackwell chips, but eminent that “2025 seems likely to be an exceedingly good year.”
Nvidia stock took a slight hit last week after China’s Form Administration for Market Regulation said it is investigating the company for potential violations of the country’s anti-monopoly laws related to its 2020 possessions of networking hardware maker Mellanox Technologies. Still, Nvidia stock is up 165% in 2024.