Nvidia pulled back 10% from its recent record highs
Semiconductor giant Nvidia Corp (NASDAQ:NVDA) has been in correction territory. Shares of the "Magnificent Seven" member have retreated 10% from their March 25, record close of $950, after losing five of the last six sessions. NVDA is on track to make a move higher, however, last seen up 0.4% at $857.03.
Thanks in large part to the company's advantage with artificial intelligence (AI) chips, Nvidia stock has outperformed in 2024. The equity boasts an 70.2% year-to-date lead, and is up more than 200% over the last 12 months. On a year-to-date basis, NVDA is still outperforming the VanEck Semiconductor ETF's (SMH) 28.2% gain and the broader-market SPDR S&P 500 ETF Trust's (SPY) 9.3% jump.
Despite this pullback, Morgan Stanley just hiked its price target to $1,000 from $795, saying despite the strong 2024 appreciation that "we make the case for maintaining outsized exposure to AI..." This new price objective implies a 16.7% upside for Nvidia stock.