Why Nvidia Stock Short-Circuited Today
News of a new coronavirus variant in South Africa sent stock markets reeling on Friday, with the Nasdaq Composite off 2% and the Dow Jones Industrial Average down 2.7% as of noon ET. After all, this morning saw a new upgrade for Nvidia shares from First Shanghai bank, which raised its recommendation on the stock to buy and set a new $380 price target that’s a good 21% above where the stock trades today. Separately, analysts at Bank of America reiterated their own buy rating on Nvidia stock, predicting that semiconductor “supply could remain constrained through the 1H 2022 as demand continues to be robust and supply continues to be unable to keep up,” as StreetInsider.com reported this morning.
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