Evercore ISI: Slashes Nvidia price target to $186, removes it from "top core investment ideas" list

Evercore ISI analyst Mark Lipacis downgraded Nvidia from "Outperform" to "In Line," slashing the price target by 60% from $465 to $186 and removing it from the "Top Core Investment Ideas" list. His argument is not about chip demand, but about how much investors are willing to pay for each dollar of Nvidia's earnings. However, the analyst's view on Nvidia's earnings is even more optimistic than the broader Wall Street consensus. He estimates Nvidia's 2027 earnings per share will reach $16.92, above the market consensus of $15.32 cited in the report.