April 3 - HSBC just hit the brakes on Nvidia (NVDA, Financial), downgrading the stock to "Hold" from "Buy". The firm sees little room for further gains in the near term as Nvidia enters a transition phase ahead of AI-driven growth in robotics and autonomous vehicles.
Shares dropped around 5% after markets opened on Thursday.
HSBC also slashed its price target to $120 from $175, citing lower earnings expectations and a reduced P/E multiple. Despite meeting Q4 estimates and issuing solid Q1 guidance, Nvidia's stock is already down 26% from its January peak.
The firm still expects strong growth, projecting fiscal 2026 revenue to jump 62% and EPS to rise 58%. But with GPU pricing power weakening, especially for models like the B300 and GB300 NVL72, upside momentum is fading.
HSBC also flagged potential risks, including cloud provider spending uncertainty, supply chain constraints, and slowing demand from DeepSeek. While Nvidia's future in AI and robotics looks bright, HSBC thinks investors may have to wait longer for the next big breakout.
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