Diamond Member Pelican Press 0 Posted May 20, 2024 Diamond Member Share Posted May 20, 2024 Nvidia is cheap heading into major earnings report, tech investor Dan Niles says Nvidia is still considered cheap and can rise after its earnings report, according to Dan Niles. The semiconductor stock turned artificial intelligence darling has run up big, said the Niles Investment Management founder. But he also pointed out that Nvidia is still about 15% below the 5-year price-to-earnings average, leading him to think that shares can see upside after the company reports quarterly results Wednesday afternoon. “That’s why my thoughts are, you get [a] slight move up in the stock when they report,” he said on CNBC’s ” Money Movers .” “Because it is actually historically cheap on a price-to-earnings basis.” NVDA YTD line Nvidia’s performance in 2024 Niles said investors should look to Cisco Systems during the buildout of the internet in the mid 1990s for a guide as to how Nvidia could move. While Cisco’s shares soared from the end of 1994 through 2000, he acknowledged that it did have multiple significant declines on that path. With this in mind, Niles said traders should look for periods of digestion in Nvidia before the next leg up. Looking ahead, he said there should be another drawdown for the stock early next year. Still, the technology-focused investor said AI is in its early stages and will continue to proliferate with profitable companies driving the technology. But he said market participants should be prepared for it to not feel like “a straight stairstep up, because it wasn’t for the internet either.” Additionally, “everybody on the planet” knows Nvidia will post a beat-and-raise, Niles said. The Magnificent Seven stock has climbed more than 90% this year as the AI craze ******** top of mind for investors. The average analyst polled by LSEG sees another 10% in upside ahead and has a buy rating. This is the hidden content, please Sign In or Sign Up Business,Breaking News: Markets,Stock markets,Economy,Markets,Market Insider,NVIDIA Corp,Cisco Systems Inc,business news #Nvidia #cheap #heading #major #earnings #report #tech #investor #Dan #Niles This is the hidden content, please Sign In or Sign Up 0 Quote Link to comment https://hopzone.eu/forums/topic/34905-nvidia-is-cheap-heading-into-major-earnings-report-tech-investor-dan-niles-says/ Share on other sites More sharing options...
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