Wall Street research is a 'clown show', markets guru Larry McDonald says after Citi boosts its price target for Nvidia's stock
Citi just boosted its price target for Nvidia's stock – but markets guru Larry McDonald isn't impressed.
"The clown show rolls on - cut the price target on the lows - raise the price target on the highs - sell side 'research,'" markets guru and founder of"The Bear Traps Report" said in aHe seemed to suggest it's typical for Wall Street analysts to simply raise targets once shares rally and cut them when prices have already fallen -- thereby following the market rather than leading it.
The New York-based bank lifted its goal for Nvidia shares to $520 apiece from $420 earlier, with analyst Atif Malik adding the semiconductor company's stock could surge as high as $600. "To us, it is clear the market for [artificial-intelligence] accelerators is bound to grow at a blistering pace," he said in a note,.
Citi has flip-flopped on its forecasts for Nvidia. Last year, the bank slashed its price target for the chipmaker to $285 a share on faltering gaming demand,
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