Analysts are Downgrading These 5 Tech Stocks

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1. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 84

Daiwa downgraded NVIDIA Corporation (NASDAQ:NVDA) from “Outperform” to “Neutral” on Friday, September 2, 2022. Analyst Louis Miscioscia pointed towards weak results and recent restrictions on chip sales to China.

Miscioscia was also moved by the high valuation of NVIDIA Corporation (NASDAQ:NVDA). He cut his price target for the graphics processors maker from $215 per share to $133 per share.

The downgrade came a day after the U.S. government restricted NVIDIA Corporation (NASDAQ:NVDA) from selling specific high-performance chips to China. NVIDIA stock fell nearly eight percent on Thursday, September 1, following the restrictions.

Meanwhile, Cathie Wood’s ARK Innovation took advantage of the drop and bought $32 million worth of shares in NVIDIA Corporation (NASDAQ:NVDA) on September 1.

You can also take a peek at 10 Undervalued Canadian Stocks to Buy Now and 10 Best Cyclical Stocks for Inflation.

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