Nvidia plunges after saying CEO Jensen Huang will step down
** Nvidia's NVDA.O shares plunge 10.3% to $155.81 premarket
** CEO Jensen Huang to step down immediately
** Chief Financial Officer Colette Kress will take over as interim CEO as Nvidia looks for a permanent successor, co says
** Huang, who co-founded Nvidia and is its fourth-largest investor with a stake of about 3.61%, will exit the board as well
** Brokerages Oppenheimer, Evercore ISI and Bernstein downgrade stock rating; Bernstein halves price target to $200
** As of last close, NVDA has fallen 6.8% YTD
** Following are the actions brokerages took on the stock this week:
Brokerage | Rating | PT |
Oppenheimer | perform (from outperform) | - |
Bernstein | market perform (from outperform) | $200 (from $400) |
Evercore ISI | in-line (from outperform) | $186 (from $465) |
Melius Research | hold (from buy) | $185 (from $315) |
Citigroup | buy | $225 (from $285) |
J.P.Morgan | overweight | $215 (from $320) |
RBC Capital Markets | outperform | $230 (from $330) |
BofA Global Research | - | $280 (from $350) |
William Blair | market perform (from outperform) | _ |
Stifel | buy | $205 (from $315) |
Baird | neutral | $200 (from $500) |