Nvidia Shares Drop As Baird Cuts Price Target By 38%; Downgrades To Neutral

Baird analyst Tristan Gerra downgraded NVIDIA Corp NVDA to Neutral from Outperform with a price target of $225, down from $360.
The price target implied a downside of 2.7%.
Gerra contended that order cancellations recently started in consumer GPUs due to excess inventories, a slowdown in consumer demand and PC demand, and the Russia embargo.
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Gerra adds that while Nvidia's data center trends remain very strong, he saw a peak in annualized revenue comps in the current half of 2022.
Recently, Truist also slashed its price targets on Nvidia and other chipmakers due to the slowdown.
Price Action: NVDA shares traded lower by 3.89% at $222.20 on the last check Monday.

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