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Nvidia initiated with a Reduce at HSBC

HSBC analyst Frank Lee initiated coverage of Nvidia with a Reduce rating and $136 price target. The company’s potential in autos and artificial intelligence software is overshadowed by a shorter term chip inventory correction and demand uncertainty, Lee tells investors in a research note. He believes earnings downside is likely not fully factored into Nvidia shares. Lee is 9% below consensus for 2024 estimates and provided further downside scenarios.

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Published first on TheFly

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