Nvidia Reverses To Decline After Citron Research Says It Will Fall To $130

Nvidia Corp. stock turned lower in Friday's session after short-seller Citron Research predicted shares would drop to $130 and advised investors to target Alphabet Inc. instead. Nvidia jumped to record prices earlier Friday after price target increases, but Citron's note suggests that the raised targets could be "an example of analysts chasing stock price." In particular, Citron targets Citi's Street-high price target of $180 that was established Thursday, calling it "irresponsibly bullish." Citron also targeted Nvidia at the end of last year, predicting shares would fall to $90 while they were trading near $120. The stock did drop to almost $95 a share earlier this year, but spiked in May after quarterly earnings showed big gains for the company's server business and led to loud praise from investment analysts for Nvidia's artificial-intelligence advances. In midday trading, Nvidia shares were selling for about $155, a daily decline of about 3%.