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Nvidia Results Prompt Mea Culpa at ‘Clearly Wrong’ Goldman Sachs

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Nvidia Plunges After Giving Weak 4Q Outlook

Goldman Sachs removed Nvidia Corp. from its conviction list, saying it was “clearly wrong on the stock,” underestimating both a channel inventory build and a correction in the company’s gaming division. This comes after Thursday’s disappointing results from the chipmaker that included a weak forecast.

The bank also cut its price target to $200. According to Bloomberg data, the target had been at $283, and Friday’s move represents the third time Goldman has cut its Nvidia target since October.