Citi NVIDIA · NVDA

Citi Lowers NVIDIA Price Target to $163

February 5, 2025 Analyst: Atif Malik 1 min read Reproduced verbatim
Rating
Buy
Target
$163
from $175 (−7%)
Outcome
Reached
on July 10, 2025
Citi and NVIDIA logos

What the analyst said

Citi analyst Atif Malik lowered the price target on NVIDIA (NASDAQ: NVDA) to $163 (from $175) while maintaining a Buy rating.

“NVDA reports Jan-Q after the market close on 2/26.

We model in-line Jan/Apr-Q and believe expectations are for ~$38B/$42.5B sales for the Jan/Apr-Qs given supply chain indications for the Blackwell to ramp more meaningfully mid this year with some mix shift between GB200/300.

We believe NVDA stock is approaching valuation support levels trading at mid 20’s P/E & 25% discount to ASIC peer average after sell off on mid term AI diffusion restriction concerns and DeepSeek Bull Bear debate on AI infrastructure spend.

We remain bullish; see our recent AI industry expert call note.

Fundamentally, NVDA stock has been range-bound since June last year on declining gross margins due to product mix and we expect the gross margins to trough in the Apr-Q.

We adjust CY25/26 EPS down ~7% to derisk China data center restriction exposure and lower TP to $163 on consistent 35x P/E revised CY25 EPS. Maintain Buy.”

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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 $229. The 27 analysts who set a target in the last 3 months range from $270 to $515, with a median of $315. This $163 target is 48% below the median, the lowest on the Street.

Since the note NVDA has moved +93% (from $119). The 12-month window closed on February 5, 2026.

Track record

This call✓ Target reached on July 10, 2025, 5 months after the note.

Firm track recordCiti: 81% of its 16 targets at least a year old were reached within 12 months (#12 of 20 firms); on NVIDIA, 6 of 6. Accuracy ranking →

Citi on NVIDIA

Citi price targets on NVIDIA

8 calls from August 28, 2025 to September 28, 2026. The target went from $210 to $315 (+50%). The rating stayed Buy.

Citi targetNVDA share price
  1. September 28, 2026Kept the $315 targetBuy$315
  2. August 27, 2026Target raised from $300 (+5%)Buy$315
  3. February 26, 2026Target raised from $270 (+11%)Buy$300
  4. November 20, 2025Target raised from $220 (+23%)Buy$270
  5. November 10, 2025Target raised from $210 (+5%)Buy$220
  6. September 30, 2025Target raised from $200 (+5%)Buy$210
  7. September 8, 2025Target cut from $210 (−5%)Buy$200
  8. August 28, 2025Earliest call shownBuy$210
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Other analysts on NVIDIA

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 Goldman SachsBuy Kept rating and price target · Sep 10 $300maintained
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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.