[Bernstein: NVIDIA's Current Valuation Offers High Return Potential] December 20 news, Bernstein stated that NVIDIA (NVDA.O) currently has a rare attractive valuation relative to the Philadelphia Semiconductor Index, with overall valuation multiples indicating promising future returns. Analyst Stacy Rasgon wrote that compared to the chip stock index, NVIDIA's 'current valuation is at a discount of about 13%, ranking in the first percentile historically. In fact, over the past decade, there have been only 13 trading days when NVIDIA's valuation relative to SOX was lower than it is now.' NVIDIA's recent valuation is approximately 25 times its forward EPS, 'which for the company means its stock price is in the 11th percentile of its valuation distribution over the past decade,' a level that is 'quite cheap in absolute terms.' Furthermore, 'over the past decade, investors who bought NVIDIA when its valuation was below 25 times consistently achieved substantial returns—averaging over 150% in one year, with no negative returns during that period.' Bernstein rates NVIDIA as 'Outperform' with a target price of $275.