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7 Reddit Stocks to Buy in 2023 - 3 of 7

 
 

#3 - Nvidia (NASDAQ:NVDA)

Nvidia (NASDAQ: NVDA) shined brighter than most semiconductor stocks in 2021. But the shine has come off off the sector and NVDA stock has shot down 42% in 2022. The company faces some headwinds in the form of a chips restriction on sales to China and as well as demand destruction that comes from part of the Federal Reserve’s interest rate hikes to curb inflation.

The stock has bounced off the 52-week low it hit in October. Nvidia's next-generation chips may have contributed to the company’s slowdown in revenue. This plays into the bullish argument for Nvidia. In Nvidia’s case, the company’s chips remain essential for companies like data centers, a sector where growth remains strong, as well as artificial intelligence applications.

Many high-growth sectors of the economy consider semiconductor chips as essential to the economy. If customers plan to ramp up buying, investors may want to take a closer look.

About NVIDIA

NVIDIA Corporation provides graphics and compute and networking solutions in the United States, Taiwan, China, Hong Kong, and internationally. The Graphics segment offers GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, and solutions for gaming platforms; Quadro/NVIDIA RTX GPUs for enterprise workstation graphics; virtual GPU or vGPU software for cloud-based visual and virtual computing; automotive platforms for infotainment systems; and Omniverse software for building and operating metaverse and 3D internet applications. Read More 
Current Price
$134.70
Consensus Rating
Moderate Buy
Ratings Breakdown
40 Buy Ratings, 3 Hold Ratings, 0 Sell Ratings.
Consensus Price Target
$164.15 (21.9% Upside)

 

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