HSBC downgrades Nvidia to Hold and slashes target to $170, Barclays cuts to $210 as slide extends into sixth straight weekly loss (Nov 13)
What happened
On Friday, Nov. 13, HSBC analyst Frank Lee downgraded Nvidia from Buy to Hold and slashed the price target from $365 to $170 — only about 2.3% above Thursday's $166.19 close — saying the shares will stay under pressure until Nvidia announces a formal succession plan and the new CEO demonstrates execution. Lee also warned the risk of further U.S. tightening of chip export controls cannot be ignored; under HSBC's bear case, if curbs cut fiscal 2028 revenue 11%, EPS could fall to $13.57, about 13% below HSBC's base forecast of $15.65. The same day Barclays cut its Nvidia target to $210 from $275 while keeping an Overweight rating. Nvidia shares fell about 3% in late Friday trading, extending a slide that has the stock on its sixth straight weekly loss — its longest streak since October 2012 — down roughly 14% this week with about $650 billion of market value erased. The Philadelphia semiconductor index fell 6% Friday, with AMD down 10% and Broadcom down 7%.
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Start your free 14-day trialWho’s affected
- NVDA — down about 3% in late Friday trading (about 4.3% at midday) after Thursday's 4.34% drop; HSBC's $170 target implies only ~2.3% upside from Thursday's $166.19 close, and the stock is on its sixth straight weekly loss, down ~14% this week
- Semiconductor sector / SOX — Philadelphia semiconductor index fell 6% Friday, with AMD down 10% and Broadcom down 7%, as the Nvidia turmoil reignited the tech selloff
- Mag 7 / Nasdaq 100 — Nasdaq Composite down 1.74% and S&P 500 down 1.01% at midday Friday; Apple and Meta were the only Mag 7 gainers, while Microsoft slipped after a 12-hour-plus Outlook/Teams outage
- AMD and Broadcom — falling with the sector Friday despite rising earlier in the week on hopes of share gains from Nvidia's troubles