NVIDIA Corp (NASDAQ:NVDA) shares are trading lower after hours Tuesday after the company received a subpoena from the U.S. Department of Justice (DOJ).
The Details
According to a Bloomberg report, the DOJ sent subpoenas to Nvidia and other companies in an escalation of its investigation into possible antitrust law violations by the AI computing giant.
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The DOJ is concerned with whether Nvidia penalizes buyers that don't exclusively use Nvidia chips and if the company is making it difficult for customers to switch to other chip suppliers. According to the report, the investigation is being led by the DOJ's San Francisco office.
Will NVDA Stock Go Up?
When trying to assess whether or not Nvidia will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $152.71 on Nvidia. The Street high target is currently at $200 and the Street low target is $90. Of all the analysts covering Nvidia, 47 have positive ratings, two have neutral ratings and none have negative ratings.
In the past month, 28 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Nvidia have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Nvidia is 124.22% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Nvidia visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
NVDA Price Action: According to Benzinga Pro, Nvidia shares are down 2.13% after-hours at $105.70 after falling 9.53% during regular trading Tuesday.
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