Oppenheimer Cuts Nvidia to Perform After CEO Jensen Huang Resigns

Oppenheimer lowered Nvidia to Perform from Outperform and withdrew its price target Thursday, a day after CEO Jensen Huang resigned, adding an analyst downgrade to the company’s abrupt leadership transition.

Oppenheimer analyst Rick Schafer called Huang’s departure “a material, potentially thesis-changing event.” The firm kept its earnings-per-share estimates for calendar years 2026, 2027 and 2028 unchanged.

Nvidia’s board accepted Huang’s resignation as president, CEO and director, effective immediately Wednesday, Nov. 11. Directors appointed CFO Colette M. Kress interim CEO. She will retain her CFO duties while the board considers internal and external candidates for a permanent successor. The company’s announcement of Huang’s resignation quoted board chair Harvey C. Jones saying operations, customer commitments and the product roadmap were expected to continue without interruption.

Oppenheimer’s move followed Baird’s Nov. 11 downgrade, which lowered Nvidia to Neutral from Outperform and cut its price target to $200 from $500. Baird cited uncertainty about Huang’s future, export limits and AI spending.

Nvidia plans to report fiscal 2027 third-quarter results Tuesday, Nov. 17, at about 4:20 p.m. ET (9:20 p.m. UTC). The company’s earnings call is scheduled for 5 p.m. ET (10 p.m. UTC).