NVIDIA Corp NVDA shares are trading lower Tuesday following weak guidance from Micron Technology Inc MU.
Micron on Tuesday morning warned that its fourth-quarter revenue could come in at or below the low end of its previously provided guidance range.
Nvidia shares are also trading lower after several analysts cut price targets on the stock following the company's preliminary results, which showed that revenue is expected to be lower than previously forecasted.
Nvidia said second-quarter revenue is now expected to total approximately $6.7 billion, citing weaker gaming revenue. The company previously guided for second-quarter revenue of $8.1 billion. Average analyst expectations are for second-quarter revenue of $8.38 billion, according to data from Benzinga Pro.
- Raymond James analyst Melissa Fairbanks maintained Nvidia with a Strong Buy and lowered the price target from $250 to $240.
- Mizuho analyst Vijay Rakesh maintained Nvidia with a Buy and lowered the price target from $290 to $250.
- Susquehanna analyst Christopher Rolland maintained Nvidia with a Positive and lowered the price target from $220 to $210.
- Truist Securities analyst William Stein maintained Nvidia with a Buy and lowered the price target from $283 to $216.
Nvidia is set to report its second-quarter financial results on Aug. 24.
NVDA Price Action: Nvidia has a 52-week high of $307.11 and a 52-week low of $140.55.
The stock was down 3.61% at $171.41 at press time, according to Benzinga Pro.
Photo: courtesy of Nvidia.
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