Citi Lowers Nvidia’s Price Target to $200

Citi analyst Atif Malik lowered on September 8, 2025, the price target on Nvidia to $200, while reaffirming a ‘Buy’ rating on the stock.

“NVIDIA Corp (NVDA.O) – GPU vs XPU: Trimming Estimates on Increased TPU Competition

We trim our TP to $200 to reflect ~4% lower 2026 GPU sales post Broadcom’s accelerating Y/Y XPU growth comments driven by both new and existing customers last week.

We previously expected the AI XPU chip sales to outpace GPU sales in 2026 and view Broadcom’s comments of faster XPU adoption likely driven by Google’s shift in indirectly competing with Nvidia to offer compute capacity to its rivals like Meta, Open AI, and Oracle, a risk we flagged recently.

We estimate ~ $12B GPU sales impact to Nvidia’s 2026 sales from the above deals.

Our revised CY25/26 estimates are still 2%/5% above consensus on higher neo cloud and sovereign AI spend.

Importantly, our estimates do not include China which could be a source of upside if and when Nvidia restarts GPU shipments to China.

Our new TP of $200 is based on consistent 30x P/E times revised 2026 EPS. Maintain Buy.”

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