Aged Like Milk
NewStreet Research: Nvidia Sees Limited Further Upside — Proceeds to Rally 56% Over 20 Months
Posted April 24, 2026
"We see limited further upside based on what we hear from the value chain. We downgrade the stock to Neutral today, as upside will only materialize in a bull case, in which the outlook beyond 2025 increases materially, and we do not have the conviction on this scenario playing out yet."
— Pierre Ferragu, NewStreet Research Analyst
July 5, 2024
What Actually Happened
After Nvidia had already ripped 157% year-to-date by July 2024, analyst Pierre Ferragu got nervous and downgraded from Buy to Neutral, citing "limited further upside" and lack of conviction in the bull case. He set a price target of $135 (just 6% above the ~$127 then-current level). Fast forward to April 2026: Nvidia closed at $199, a 56% rally from that downgrade level. Turns out the bull case materialized just fine. The only limited upside was in Ferragu's conviction.
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