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Nvidia plunges after saying CEO Jensen Huang will step down

By Reuters News18 hours ago Updated

** 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)

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