Cerebras falls 11.7% to $96.36 after UBS cuts its price target to $250 from $330
UBS kept its buy rating; about 13 million shares traded, 67% above the daily average, and the AI chipmaker's stock had closed at $109.18 the session before.
Why it matters
Cerebras is one of the few listed challengers to Nvidia in AI chips, so its share price is read as a gauge of appetite for alternative AI hardware. The cut follows TD Cowen lowering its target to $175 from $275 on 19 October, and comes as last week's technology selloff weighs on AI names. UBS's new target still implies a large upside from Monday's close; watch whether other analysts follow.
Key facts
- Shares down 11.7% to $96.36
- Previous close: $109.18
- UBS target: $250, from $330; rating Buy
- Volume: 13,022,764 shares, 67% above average
- TD Cowen cut its target to $175 from $275 on 19 October