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NVIDIA Corporation (NASDAQ:NVDA) shares traded lower during Wednesday's after-hours session following a post-market downgrade from Nomura.
About an hour into the after-hours session, NVIDIA shares traded down nearly 2 percent to $108.82.
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Nomura analyst Romit Shah lowered his recommendation on the stock from Buy to Reduce, a multi-notch downgrade. The analyst reduced his price target on NVIDIA shares from $100 to $90.
From where the stock is trading during Wednesday's after-hours session, Shah's new price target represented potential downside of about 17 percent.
Update: Click here for a full recap of Shah's downgrade.
Shah highlighted a concern with an integral part of NVIDIA's business: gaming. The analyst noted a belief the sell-side consensus has underappreciated the slowdown in video gaming.
Related Link: The Consensus On NVIDIA Is Still Pretty Positive
NVIDIA was one of the top performers in 2016, rising more than 200 percent.
NVIDIA shares have fallen about 5 percent since the company reported fourth-quarter results on February 9. Over the same time frame, the SPDR S&P 500 ETF Trust (NYSE:SPY) is up about 3 percent.
Today's news was first highlighted on Benzinga's Pro platform, a real-time solution for getting up-to-date breaking news.
To see all the recent recommendation changes on shares of NVIDIA, check out Benzinga.com's Analyst Ratings page for NVIDIA.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.