Bernstein cuts Nvidia rating to market perform

Bernstein Research has cut its rating on Nvidia to market perform from outperform. Stacy Rasgon, a managing director and senior analyst at Bernstein Research, confirmed the move in a note to investors. The firm also lowered its price target for the stock to $200 from $400, down from its previous target of $400.

This downgrade makes Bernstein the latest firm to move against the chip manufacturer. According to Bloomberg, the analyst stated his team has had enough of the stock. The move comes as fresh reports circulate regarding the personal life of Jensen Huang.

Nvidia remains a central player in the artificial intelligence market. Investors often watch these analyst ratings to gauge near-term sentiment on the stock. A downgrade from a major firm like Bernstein can affect how institutional investors view their positions.

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The stock price has seen significant volatility throughout the year. Analysts continue to weigh the company's growth prospects against its current valuation. The market will now wait to see how the stock performs following this new price target.