shares of nvidia corp fell in premarket trading friday after wedbush analyst matt bryson said while he remains bullish on the semiconductor maker the stock has run up too high for him to keep recommending investors buy the stock nvda has soared 53 over the past three months while the phlx semiconductor index sox has advanced 136 and the sp 500 index spx has tacked on 42 as the company is viewed as a key beneficiary of the build out of the “metaverse” that rally has propelled nvidia to be the seventhmost valuable us company with a market capitalization of 75975 billion as of thursday’s closing price also read facebook is spending more and these companies are getting the money wedbush’s bryson downgraded the stock to neutral after being at outperform for at least the past 2 12 years “while typically we would want to tie a rating change to some sort of negative catalyst frankly there is none” bryson wrote in a note to clients he said conditions rather “have only improved” for the company over the past three months the downgrade comes less than a week before nvidia is scheduled to report fiscal thirdquarter results after the nov 17 closing bell analysts surveyed by factset are expecting on average pershare profit to rise 52 to 111 and revenue to grow 44 to a record 68 billion the company has beat both profit and revenue expectations every quarter for at least the past five years according to factset data “we believe the combination of unprecedented demand particularly this late in the course of product cycles for both data center and client offerings will allow nvidia to again exceed expectations next week when they report numbers and we expect the company will provide constructive guidance ahead of prior street views” bryson wrote he raised his stock price target to 300 from 220 but the new target implied 13 downside from thursday’s closing price for wedbush an outperform rating means the analyst expects the total return of the stock to outperform relative to the median total return of the companies they cover over the next six to 12 months “while we remain very bullish on both nvidia’s nearterm prospects and longerterm opportunities particularly around ai we simply find ourselves unable to justify lifting our multiple to levels that would continue to justify an outperform” bryson wrote and therefore the downgrade to neutral