HSBC NVIDIA · NVDA

HSBC Lowers NVIDIA Price Target to $185

Analyst: Frank Lee 1 min read Reproduced verbatim
Rating
Buy
Target
$185
from $195 (−5%)
Outcome
Reached
on September 30, 2025
HSBC and NVIDIA logos

What the analyst said

HSBC analyst Frank Lee lowered the price target on NVIDIA (NASDAQ: NVDA) to $185 (from $195) while maintaining a Buy rating.

“Given potentially weaker H1 FY26 momentum, we believe Nvidia will be under increasing pressure to deliver an even stronger H2 FY26 ramp of its GB300/B300 platform to meet expectations.

Hence, we lower our FY26e datacenter revenue from USD253bn to USD236bn based on 35,000 NVL 72 equivalent AI server racks (vs previous assumption of c41.5K racks), which remains 28% above the Visible Alpha consensus forecast of USD184bn.

Even on bear-case scenarios of only 20K-25K NVL racks in FY26e, our implied bear-case for FY26 EPS of USD4.84-USD5.14 remains 8%/14% above consensus of USD4.50.

We lower our FY26 EPS estimates by 6% to reflect slower H1 FY26 Blackwell ramp. Our revised FY26e EPS of USD5.74 remains 28% above consensus of USD4.50.

Given the revised FY26e EPS, we trim our target price to USD185 (from USD195) based on an unchanged target FY26 PE of 32x.”

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This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

NVDA trades at $218. The 27 analysts who set a target in the last 3 months range from $270 to $515, with a median of $315. This $185 target is 41% below the median, the lowest on the Street.

Since the note NVDA has moved +60% (from $136). The 12-month window closed on January 12, 2026.

Track record

This call✓ Target reached on September 30, 2025, 9 months after the note.

Firm track recordHSBC: 55% of its 11 targets at least a year old were reached within 12 months; on NVIDIA, 4 of 5. Accuracy ranking →

HSBC on NVIDIA

HSBC price targets on NVIDIA

3 calls from October 15, 2025 to May 19, 2026. The target went from $320 to $325 (+2%). The rating stayed Buy.

HSBC targetNVDA share price
  1. May 19, 2026Target raised from $310 (+5%)Buy$325
  2. February 24, 2026Target cut from $320 (−3%)Buy$310
  3. October 15, 2025Earliest call shownBuy$320
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Other analysts on NVIDIA

Goldman SachsBuy Kept rating and price target Oct 21 $300maintained UBSBuy Kept rating and price target Oct 9 $300maintained Yorkville IvesBuy Initiated coverage Oct 7 $300 CantorBuy Kept rating and price target Oct 5 $350maintained CantorBuy Kept rating and price target Oct 1 $350maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.