Nvidia’s Price Target Adjustment
HSBC has lowered its price target on Nvidia Corporation (NASDAQ:NVDA) by $10 to $175, citing adjustments in its data center revenue forecasts. Despite this, the brokerage maintains a ‘Buy’ rating on the stock, expecting the Blackwell platform to offset a slower-than-anticipated GB200 ramp-up.
Valuation and Market Positioning
HSBC’s revised target is based on a price-to-earnings (PE) ratio slightly below Nvidia’s five-year average, but still above the highest valuation observed for similar semiconductor companies. This implies a 26% upside for Nvidia’s stock, reflecting confidence in the company’s long-term growth.
Blackwell Revenue Momentum
While supply chain constraints continue to impact GB200 shipments, HSBC expects Nvidia to compensate with stronger B200 GPU sales in the first half of fiscal 2026. This shift is expected to sustain Blackwell revenue momentum, ensuring Nvidia remains well-positioned in the AI and data center markets.
Revenue Projections
HSBC has released revised revenue projections for Nvidia:

Q4 Fiscal 2025 Revenue: $40 billion (Above consensus estimate of $38.2 billion)

Q1 Fiscal 2026 Revenue: $42.2 billion

These projections indicate that Nvidia is unlikely to disappoint on its upcoming earnings, as strong B200 GPU sales will support Blackwell platform revenue.
AI GPU Demand and Cloud Capex Growth
Despite concerns over AI GPU demand, HSBC highlights that increased capital expenditures from major cloud service providers will support Nvidia’s long-term growth outlook. The firm anticipates Nvidia’s performance in the second half of fiscal 2026 to be closely tied to the success of its B300/GB300 roadmap.
Market Insight Through Financial Data APIs
To analyze Nvidia’s financial growth and market performance, the following APIs can be used:

Financial Growth API – Provides insights into Nvidia’s revenue growth, net income trends, and profit margins.

Company Rating API – Helps investors assess Nvidia’s overall financial health and rating based on industry benchmarks.

Conclusion
HSBC’s revised price target underscores short-term supply challenges but maintains a bullish long-term outlook for Nvidia, driven by its Blackwell GPU platform and increasing AI adoption. Investors should closely monitor B200 and GB200 ramp-ups, cloud capex trends, and financial growth metrics to make informed decisions.