Nvidia, leading Wall Street’s generative AI rally, saw a slight drop in its stock price despite an upward revision of its target price by an investment firm.
On July 15 at the New York Stock Exchange, Nvidia recorded $128.44, a 0.62% drop from the previous trading day.
On the same day, investment firm TD Cowen raised its target price for Nvidia from $140 to $165 while maintaining a buy rating.
However, investors did not respond to this adjustment. They are waiting for Nvidia to present an even stronger performance in the results for the next quarter.
After the previous quarter’s results had been released, Nvidia’s stock price surged. However, it has recently been faltering. This appears because investors seek stronger results to justify the current stock price.
Meanwhile, Tesla, led by CEO Elon Musk, rose nearly 2% after Musk officially endorsed Republican presidential candidate Donald Trump following the shooting incident. Consequently, Trump-related stocks rallied across the US stock market that day.
Nvidia, however, was left out of the Trump rally.