Nvidia plunges after CEO Jensen Huang says he will step down
NVDA•NVDA•NVDA•NVDA•Nvidia shares fell 10.3% to $155.81 in premarket trading after the company said Jensen Huang would step down immediately. CFO Colette Kress will serve as interim CEO while Nvidia searches for a permanent successor; several brokerages cut ratings or price targets.
Nvidia said CEO Jensen Huang will step down immediately, and CFO Colette Kress will take over as interim CEO while the company looks for a permanent successor. Huang, a co-founder who holds about 3.61% of Nvidia, will also leave the board.
Nvidia shares fell 10.3% to $155.81 in premarket trading. Oppenheimer, Evercore ISI and Bernstein downgraded the stock. Bernstein cut its price target to $200 from $400, while Evercore ISI lowered its target to $186 from $465.
Melius Research cut its rating to hold from buy and its target to $185 from $315. Citigroup, J.P. Morgan, RBC Capital Markets, BofA Global Research, Stifel and Baird also lowered price targets.
