Bernstein Cuts Nvidia Price Target to $200 as Analysts Split

Bernstein cut its rating on Nvidia to Market Perform from Outperform and lowered its price target to $200 from $400, sharpening a split among analysts as the chipmaker navigates a leadership transition.

Shares fell 4.34% Thursday and closed at $166.19 after reaching an intraday low of $148.80. The stock is down about 32% from its Oct. 6 high, and its forward price-to-earnings ratio is near 12, the lowest since 2012.

Piper Sandler kept its Overweight rating and $300 target. The firm said orders had filled Nvidia’s 2027 capacity and largely covered 2028, with customer discussions moving to business for 2029 and later.

Bernstein moved its rating to Market Perform from Outperform and cut its target to $200 from $400. Goldman Sachs kept its Buy rating and earnings-per-share forecast but reduced the valuation multiple it uses to 22 from 30, lowering its target to $220 from $300 amid uncertainty around the management transition.

JPMorgan said the interim team may keep Nvidia’s current product plan moving in the near term. It identified the next two to three years as a test of whether the company can spot the next major shift in accelerated computing. UBS warned that a transition could pause financing support for AI customers, pressuring companies that depend on outside funding.

Retail investors net bought $111 million of Nvidia shares in the first 30 minutes of U.S. trading Thursday, a record for that opening window. Fidelity clients placed 394,818 buy orders and 80,088 sell orders by noon ET, nearly five buy orders for every sell order.

Chief Financial Officer Colette Kress is serving as interim CEO while Nvidia’s board searches internally and externally for a permanent successor.

Nvidia is scheduled to report fiscal 2027 third-quarter results after the market closes Nov. 17 ET. In the previous quarter, revenue was about $96.2 billion, up 106% year over year, including about $89 billion from its data center business, up 117%. The company’s third-quarter revenue guidance was about $108 billion.