Analysts see a chance that the highflying stock could suffer the same fate as Cisco Systems, which has yet to regain the peak it hit in 2000.
Wall Street is worrying that gains linked to artificial intelligence could be part of a market bubble. The last thing anyone wants to do is pile into a hot trend at the peak and then ride a stock down into a thematic bust.
But New Street Research believes the circumstances surrounding Nvidia will differ from Cisco’s internet bubble selloff. On Monday, analyst Pierre Ferragu reiterated a Buy rating on Nvidia shares and reaffirmed his price target of $635. Ferragu estimates Nvidia’s stock could fall about 20% if its revenue in 2025 disappoints Wall Street, assuming expectations for profits are cut by 33%, sending the valuation down to the low of 30 times forward earnings it hit the last time results badly disappointed investors.
Start-ups and corporations prefer Nvidia’s chips because of its robust software programming ecosystem, CUDA. Developers have been building and sharing AI-related tools and software libraries for over a decade on Nvidia’s proprietary platform, making it easier to build AI applications rapidly.
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