Bernstein analysts recommend Nvidia (NASDAQ:NVDA) stock, which has seen a substantial increase of over 230% year-to-date. They set a price target of $700 per share for the company.

The analysts acknowledged the paradox in the stock’s performance this year. While Nvidia’s stock has delivered impressive returns, analysts pointed out that the stock has experienced a slight decline in the past month despite strong financial results.

The analysts highlighted that even though Nvidia’s forward estimates have quadrupled this year, largely due to the boom in generative AI, the stock’s multiples have decreased by nearly two-thirds during the same period. They emphasized that NVDA stock is now trading at mid-20s P/FE, marking its lowest point since the end of the 2018 cryptocurrency downturn. This valuation, according to the analysts, makes Nvidia stock an attractive buy for investors seeking budget-focused options.

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