The post Nvidia Stock Rout To End Soon Says Fundstrat Analyst, Crypto Market Recovery Ahead? appeared on BitcoinEthereumNews.com.

On Friday, the Nvidia stock rout extended with the NVDA price crashing more than 4% all the way to $102.83. Over the past week, the NVDA share price has corrected by 14% sending the entire US tech industry into a tailspin. Fundstrat analyst Tom Lee believes that this could be the right time to buy the Nvidia share after this drawdown. The crypto market has largely reacted to the tech market correction with Bitcoin and Altcoins entering strong correction yesterday. Nvidia Stock Sell-off Presents Buying Opportunity Appearing during CNBC’s Closing Bell hours on Friday, Fundstrat analyst Tom Lee stated that the Nvidia stock rout could be ending very soon. The CNBC host stated that Nvidia valuations have skyrocketed over the past year and more, and there’s too much “priced in” this stock. Responding to this, Tom Lee said that in the 10-year history of Nvidia, the NVDA share has seen 30% drawdowns nearly eight times. He said that the Nvidia stock PE was actually higher after the previous drawdowns and this time, it’s comfortably around the mid-20s. Lee views this as just a normal profit booking adding that it might take the share price down to the 90s, however, this is a good buying opportunity with a four-year horizon. Are these sell-offs in Nvidia a buying opportunity? @Fundstrat‘s Tom Lee makes the case $NVDA pic.twitter.com/dVykj0g5ub — CNBC’s Closing Bell (@CNBCClosingBell) September 6, 2024 Tom Lee is not alone in setting the bull case scenario for the chipmaker. Bank of America has also shared the Nvidia stock target of $165 which could also stage a strong recovery in several AI coins and the broader crypto market. Over the last week, the chipmaker saw $406 billion eroded from its market cap with the DOJ initiating an anti-trust probe. However, Nvidia debunked the…

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Filed under: News - @ September 7, 2024 7:07 am