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Morgan Stanley’s Joseph Moore said that the latest report marked “one of the most nuanced quarters we have ever seen in semiconductors” given the expectation for a strong recovery in the latter part of the year. He had downgraded the stock to market perform from outperform earlier in the week. Rasgon lowered his price target to $165 from $175 following the report. “But this implies gaming exiting the year hugely above the $1.4 billion run-rate, and indeed, up significantly versus the peaks of last year even without the benefit of what was hundreds of millions of dollars’ worth of cryptocurrency/channel fill (bringing risk of downward revisions as we move through the year.”Īs for the data-center segment, Rasgon said that Nvidia’s discussion of the outlook suggests “a sharp deceleration and a blow to the growth story that has been the primary reason to own the stock.”

“Nvidia attempted to provide some visibility via a full-year revenue guide (flat to down slightly year over year),” he wrote in a note to clients.

Despite a fiscal first-quarter outlook that calls for another steep year-over-year sales decline, the company predicted that full-year revenue would be flat or decline only slightly.ĭon’t miss: Nvidia bets on a big rebound, but should investors believe it?īernstein’s Stacy Rasgon said that the company “tried to offer some solace” with its outlook and commentary, but he’s still not sold. Shares gave back some of their early gains but were still up 2% in afternoon trading Friday, after reporting earnings that beat expectations, though only because two forecast reductions had greatly diminished those expectations.