Josh Brown On Nvidia Downgrade: 'One Of The Most Ridiculous Things I Have Ever Read'

Nvidia Corp NVDA is trading slightly lower Friday following a downgrade from Wedbush Securities.

What Happened: Wedbush analyst Matt Bryson downgraded Nvidia from Outperform to Neutral and raised the price target from $220 to $300.

"While typically we would want to tie a rating change to some sort of negative catalyst; frankly there is none. Conditions rather have only improved for NVDA over the past three months," Bryson said. "We simply find ourselves unable to justify lifting our multiple to levels that would continue to justify an Outperform."

Related Link: Wedbush Downgraded Nvidia - Read Why

Why It Matters: "This is one of the most ridiculous things I have ever read," Ritholtz Wealth Management CEO Josh Brown said Friday on CNBC's "Fast Money Halftime Report."

Brown cited the analyst quote above and said "My advice: throw the targets out. Targets are not useful. Just comment on the state of the business and how things are going because frankly, the market doesn't care about a lot of the ways that stocks like these have historically been valued."

Nvidia is involved in the transformation of the world, according to Brown. The fourth industrial revolution is marrying the physical world to the digital world, he emphasized.

"This is a very, very different story and I think it deserves a different level of respect when we try to figure out what it's worth today—what it could be worth tomorrow," Brown said.

NVDA Price Action: Nvidia has traded as high as $323.10 and as low as $115.66 over a 52-week period.

The stock was down 0.42% at $302.63 at time of publication.

Photo: courtesy of Nvidia.