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Citron Research's Andrew Left made a bold call on Friday against one of Wall Street's top stocks: NVIDIA Corporation (NASDAQ:NVDA).
Nvidia's story of operating in "sexy" markets such as artificial intelligence, data centers, and autonomous driving makes it a "great company," but also a "casino stock," Left later argued during CNBC's "Halftime Report" segment.
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Among many of Left's concerns is Wall Street's valuation of Nvidia's stock, specifically a recent Citi report that called for a bull case scenario of $300 per share and a bear case scenario of $100 per share, which happens to correspond to where Nvidia was trading at just weeks ago.
Left also finds issue with the fact that it seems like Nvidia's stock rises every day and investors are expecting this to be the norm. Quite the opposite, a pullback is something investors would appreciate as it offers a chance for them to add to their positions.
"It's over-optimism, it's discounting the competition, it's not understanding the market factors," Left said. "Of course Nvidia is not a fraud or a scam. It's a wonderful company, but unfortunately, it got way ahead of itself."
At the end of the day, Left believes Nvidia has become more of a tradeable tool for day traders and less a stock for long-term investors.
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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.