Citi analyst Atif Malik lowered the firm’s price target on Nvidia (NVDA) to $150 from $163 and keeps a Buy rating on the shares. The firm reduced graphics processing unit estimates for 2025 and 2026 to align with its revised hyperscaler capex model, reflecting mostly lower Microsoft (MSFT) capex concerns and higher risk of a pause in enterprise investments amid uncertainty around the global economy due to ongoing trade war. However, Citi assumes Nvidia, given its technology leadership and artificial intelligence GPU price in-elasticity, will be able to partially pass down the increased GPU cost that may emanate from the trade war.
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