Nvidia stock has had a tricky November -- but that might mean it's now a Black Friday bargain, as analysts think there is room for the stock to rally.
Shares have dropped 13% over the past month amid worries about lofty artificial-intelligence valuations and the threat posed by Google parent Alphabet, which investors think could challenge Nvidia's AI chip dominance.
Nvidia stock climbed 1.3% on Wednesday, but slipped 0.4% in after-hours trading -- suggesting it could give up some of the gains when the U.S. market reopens on Black Friday.
The shares' rough run hasn't spooked Wall Street. It could be a buying opportunity -- according to FactSet, 61 of the 66 analysts covering Nvidia rate it Buy, with a consensus price target of $254. That implies the stock can climb 41% from its level as of Wednesday's close.
Mizuho analyst Vijay Rakesh noted on Wednesday that demand for Nvidia's graphics processing units still looks rock solid, with the Blackwell chip sold out and CEO Jensen Huang targeting half-a-trillion dollars in revenue in 2026. Rakesh rates the stock Outperform, with a $245 price target.