Citi analyst Atif Malik lowered the price target on NVIDIA (NASDAQ: NVDA) to $150.00 (from $163.00) while maintaining a Buy rating.

The analyst comments "We are lowering our GPU units for CY25/26 by 3%/5% to align with our revised hyperscaler capex model of +35%/+15% spend reflecting mostly lower MSFT capex concerns and higher risk of pause in enterprise investments amid uncertainty around the global economy due to ongoing trade war. In terms of GPU sales impact, our cuts are more tame with 3% lower CY25/26 sales as we assume NVIDIA given its technology leadership and AI GPU price in-elasticity will be able to partially pass down the increased GPU cost that may emanate from the trade war. Net-net, we lower our CY25/26 EPS 3%/6% respectively, trim TP to $150 using 30x P/E (3-5 year average) times CY26 discounted EPS. Maintain Buy."