The stock market took a breather and slipped on Monday after the Federal Reserve maintained its three rate cuts this year.
Overall, S&P 500 and NASDAQ declined 0.3% to 5,218 and 16,384, respectively.
Tweet of the Day
Analysts are forecasting Nvidia's annual revenue will jump to $131 billion by 2026, more than double the $61 billion recorded in the fiscal year that just ended. $NVDA pic.twitter.com/4hSyOqkgv9
— Charlie Bilello (@charliebilello) March 25, 2024
Chart of the Day
Here is the one-year chart of NVIDIA (NVDA) as of March 5, 2024, when the stock was at $860.
NVIDIA delivered spectacular results last quarter, sending shares higher. The company delivered profit growth of 486% as sales jumped 265%. NVDA stock has jumped from $481 to $860 since last quarter. And yet, it still has a P/E of only 35! David Sharek, Founder of School of Hard Stocks, thinks it is worthy of a 45 P/E.
In addition, profit estimates has been rising, so the stock is likely selling for less than 35x profits. During the past 4 quarters, 2024 profit estimates have gone from $10.38, $16.70, $20.50 and now $24.50. NVDA continues to be one of the All-Time True Market Leaders.
NVDA is a top holding in our Growth Portfolio and Aggressive Growth Portfolio.
