Nvidia’s (NVDA) fiscal first-quarter report will land after today’s market close, and Piper Sandler believes that the numbers will mark “largely the last wave of negative news” for the company. Analyst Harsh Kumar thinks a one-time inventory charge tied to China-related H20 restrictions and a dip in its July quarter guidance will lead to the “negative news.” In an earlier note, the analyst warned that the worst-case scenario could take NVDA stock down to $77.
The quarter could indeed disappoint and spark a quick selloff, but the results could also surprise to the upside and extend the current rally. Or, we could get a mixed print that keeps the stock at the $120-$140 level.
