Wedbush analyst Matt Bryson downgraded NVIDIA Corp. to Neutral from Outperform with a price target of $300, up from $220, implying a 1.3 percent downside to November 11 closing price of $303.90. The analyst cites valuation for the downgrade, with the shares trading at 55 times his 2024 numbers. He would have to lift the multiple to 67x to justify Outperform, suggesting Nvidia valued at ~7X its stated 2024 TAM and ~25X sales. Conversely, he would have to double his sales growth assumptions (from ~20 percent to ~40 percent) over the next couple of years to continue to use a 40X multiple to value Nvidia. However, Bryson believes the combination of “unprecedented demand” for both data center and client offerings will allow Nvidia to exceed expectations again next week when its reports. Nvidia’s continued work in building out its AI software will further solidify its AI leadership. Client GPUs have …