Posted 12/15/2023, 12:25:00 PM
Nvidia Stock Soars 231% This Year; Bernstein Says It's the Best AI Buy Despite Valuation Concerns
- Nvidia stock is up 231% year-to-date, making it the "best 'budget' AI buy" according to Bernstein analysts
- Bernstein has a $700 price target on NVDA stock, which closed at $483.50 yesterday
- Nvidia trades at a P/FE multiple in the mid 20s, the cheapest since the 2018 crypto crash
- Nvidia trades at a discount to the SOX index, a valuation not seen since 2014
- Even if earnings drop in future years, Bernstein believes Nvidia's long-term opportunity in AI remains very bullish