Benzinga | Jan 6, 2022 07:56AM EST

Read Why Truist Slashed NVIDIA Price Target By 10%

* Truist analyst William Stein lowered the price target on NVIDIA Corp (NASDAQ:NVDA) to $350 from $389 but kept a Buy rating on the shares. The price target implies an upside of 26.8%.

* The company's CES presentation, management meeting, and proprietary takeaways suggest upside potential to estimates.

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* However, his reduced price target also reflects the recent decline in earnings multiples investors are paying for "rapid-growth equities," the analyst tells investors in a research note.

* Price Action: NVDA shares traded lower by 0.04% at $275.94 in the premarket session on the last check Thursday.