After stock doubles, top Nvidia naysayer admits his bearish call ‘did not work out’

Favicon Business Journal

2016 was a wild year for Nvidia stock. Shares started the year around $30 and doubled, then tripled — flirting with $110 per share by Christmas. In February of this year, prominent Nvidia analyst Ambrish Srivastava with BMO Capital Markets warned that the stock had topped out after its 2016 run, and was headed back to $85 per share. “We believe that the perfect storm in fundamentals that drove the rarely seen magnitude of earnings upside is ebbing,” he warned. “We also see the competitive...

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