TD Cowen lowered its price target for NVIDIA (NVDA, Financials) to $140 from $175, sticking with a Buy rating even as the stock is down nearly 22.8% this year.
The revision came from analyst Joshua Buchalter, who said NVIDIA remains the firm's top pick in the compute sector. He pointed to the company's new GB200-based NVL72 racks as a near-term revenue driver, though he flagged challenges for customers adopting the new systems and transitioning to the next-generation Blackwell Ultra chips.
KeyBanc Capital Markets also maintained a bullish stance, keeping its $190 price target. Still, it acknowledged production concerns and potential delays tied to Blackwell Ultra.
NVIDIA shares dropped 6% on Thursday, closing at $107.74, after a big rally the previous day. The stock had surged 19% following news of a 90-day delay in most U.S. tariffs, excluding those on China.
The broader chip sector remains under pressure. Tariffs from the Trump administration are weighing on suppliers in Taiwan and China, with companies like Tokyo Electron seeing stock declines. Analyst Ming-Chi Kuo urged caution, citing ongoing uncertainty.
Even with the drop, analysts say NVIDIA remains a key name to watch as it pushes through product rollouts in a tough macro environment.
