Nvidia Shares Drop As Baird Cuts Price Target By 38%; Downgrades To Neutral

• Baird analyst Tristan Gerra downgraded NVIDIA Corp (NASDAQ:NVDA) to Neutral from Outperform with a price target of $225, down from $360. 
• The price target implied a downside of 2.7%.
• Gerra contended that order cancellations recently started in consumer GPUs due to excess inventories, a slowdown in consumer demand and PC demand, and the Russia embargo.
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• Gerra adds that while Nvidia's data center trends remain very strong, he saw a peak in annualized revenue comps in the current half of 2022.
• Recently, Truist also slashed its price targets on Nvidia and other chipmakers due to the slowdown.
• Price Action: NVDA shares traded lower by 3.89% at $222.20 on the last check Monday.