Citi Research issued a research report chopping its target price for Nvidia (NVDA.US) Pre +0.068% from US$210 to US$200, reflecting Broadcom (AVGO.US) announcement last week that its XPU YoY growth is accelerating, driven by both new and existing customers, leading to an approx. 4% decline in GPU sales for 2026.
The broker also estimated that the above transaction will impact Nvidia's 2026 GPU sales by about US$12 billion. Citi Research's revised 2025/ 2026 estimates for Nvidia remain 2%/ 5% above consensus on increased spending on emerging cloud and sovereign AI. Importantly, the broker's predictions do not include the China market, which could present upside potential if Nvidia resumes GPU shipments to China.每股盈利乘以一致的30倍市盈率；維持「買入」評級。
Its new target price of US$200 is based on the revised 2026 EPS multiplied by a consistent 30x PE ratio, with rating kept at Buy.