We covered NVDA US here concluding in early July: Taking the mid-point of the price implied by the average PE, which is $US121 and the price implied by the average EV/Rev multiple, which is $US88, we get a price point of US$104.50 based on current consensus numbers. Therefore, accumulating NVDA ~$105 makes sense, and leaving room to add to a position should it fall into the ‘cheap’ zone nearer $US90. Buying above $120 does not make sense based on what we know now.
- We retain this view, and while NVDA has bounced in the last two days, we don’t believe the ultimate sell-off is now complete, another opportunity may present itself ~US$90
MM is adding NVDA US to our Hitlist
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