TREE NEWS reports: Stifel lowered its Nvidia price target to $205 from $315 while keeping a Buy rating, treating a leadership transition as its base case. The cut stems mainly from valuation: the firm reduced its FY2028 P/E multiple to 13x from 20x. Bernstein downgraded Nvidia to Market Perform with a $200 target, and Morgan Stanley removed it from its top-picks list while keeping Overweight and a $300 target. Nvidia has not announced any leadership change.
Stifel Cuts Nvidia Price Target to $205 on CEO Succession Risk
AI take
The notable shift here is less the target cut than the framing: Stifel is now treating a leadership transition as its base case even though Nvidia has announced nothing, which shows how much of the bull case rests on assumptions about the current CEO. The split among Stifel, Bernstein and Morgan Stanley suggests the debate is about multiple compression and succession risk rather than demand, leaving holders of the most crowded AI trade exposed to headline risk. Whether that succession assumption gets any company confirmation is the open question.
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