HSBC NVIDIA · NVDA

HSBC Reaffirms Hold on NVIDIA, $120 Price Target

Analyst: Frank Lee 1 min read Reproduced verbatim
Rating
Hold
Unchanged
Target
$120
Outcome
Reached
on May 12, 2025
HSBC and NVIDIA logos

What the analyst said

HSBC analyst Frank Lee reiterated a Hold rating and $120 price target on NVIDIA (NASDAQ: NVDA) ahead of Q1 results on May 28.

“Ahead of 1QFY26 results on 28 May; we expect sales of USD43.5bn – in line with management guidance/consensus of USD43bn/USD43.1bn.

We expect 2QFY26 sales of USD45.0bn which is lower than consensus of USD46.7bn but still ahead of recent bearish sell side estimates of USD44bn.

Hence, we expect Nvidia’s 1QFY26 and 2QFY26 sales to remain on track to meet market expectations.

However, similar to the last couple of quarters, we do not expect a significant beat and raise as we factor in the loss of H20 AI GPU revenues starting from 2QFY26 and lower 1QFY26 GM due to the impact from the USD5.5bn write-off from China licensing restrictions.”

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Where the price stands

NVDA trades at $187. The 27 analysts who set a target in the last 3 months range from $270 to $515, with a median of $315. This $120 target is 62% below the median, the lowest on the Street.

Since the note NVDA has moved +38% (from $135). The 12-month window closed on May 15, 2026.

Track record

This call✓ Target reached on May 12, 2025, 39 days after the note. Same target as this firm’s April 3, 2025 note, so it is scored there.

Firm track recordHSBC: 60% of its 20 targets at least a year old were reached within 12 months (#25 of 26 firms); 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.