Deteriorating demand outlook cuts Nvidia price target to $298

$NVIDIA(NVDA.US)$ Truist analyst William Stein lowered his price target on Nvidia to $298 from $347 and maintained a "buy" rating. Stein said a sudden negative shift in demand signals from a range of computing, consumer and communications original equipment manufacturers (OEMs) has prompted him to factor in negative semiconductor growth and lower price-to-earnings ratios in his 2023 model.