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Citi on HDFC Bank

Recommendation: Buy, Target: ₹940 (Earlier Target: ₹880) New CEO priorities include balance sheet optimisation, CASA rebuilding and restoring RoE above 15%. Mortgage, credit card and SME growth could help close the lending growth gap with peers. Funding cost improvement, technology-led customer experience and stronger execution remain key catalysts.

Citi on Kotak Mahindra Bank Recommendation: Buy, Target: ₹565 (Earlier Target: ₹505) New CEO expected to sharpen execution, capital allocation and accountability without a strategic reset. SME growth, Kotak811 deposits and One Kotak cross-selling offer opportunities to improve profitability. Clearer return targets, technology investments and a path towards 15% RoE are key catalysts.

Kotak on Equitas Small Finance Bank Recommendation: Buy, Target: ₹85 Board targets permanent CEO appointment within four months; leadership uncertainty may delay re-rating. Management expects disbursements to potentially exceed FY27 targets, supported by healthy deposit growth. Cost efficiencies and technology insourcing support profitability; RoE projected at 15.5% by FY29.

Nomura on Hitachi Energy India Recommendation: Buy, Target: ₹40,030 Robust order inflow and strong execution in Q2FY27. Robust demand outlook across base ordering, HVDC and exports. Forecast 46% FY26 to FY29 EPS CAGR. Order inflow grows 86% y-o-y to ₹4,100 crore, beats estimate by 65%. Led by strong execution, adjusted EBITDA beat estimates by 7%. EBITDA margin fell 276 bp and 102 bp y-o-y and q-o-q to 13.6%. However, excluding forex and commodity loss of ₹60 crore, adjusted EBITDA stood at ₹460 crore, up 55% and 9% y-o-y and q-o-q, 7% above estimates. Stock trades at 40x FY29E EPS.

Jefferies on Hitachi Energy India Recommendation: Buy, Target: ₹45,790 September quarter EBITDA was 6% above estimates as 26% sales beat was offset by 250 bps lower-than-expected margins. Order flow is up 86% y-o-y. Management highlighted that they have visibility till 2035 given robust demand and a strong pipeline of opportunities led by RE addition, grid modernisation and transmission expansion. Data centres should add to T&D demand. Believe 54% EPS CAGR in FY26 to FY29E should drive upside ahead.

JPMorgan on Hitachi Energy India Recommendation: Overweight, Target: ₹39,000 (Earlier Target: ₹40,500) Company continues to surprise positively with Q2FY27 order inflow growth of 86% y-o-y, revenue growth of 64% y-o-y which was 13% above JPMe and stable adjusted EBITDA margins at 16.5% despite commodity headwinds and mix impacting gross margins this quarter. More importantly, strong base order inflows of ₹4,120 crore were broad-based. Believe Hitachi Energy’s HVDC prowess, plug-and-play solutions in DC, BESS, localisation levels and the fact that most of current and future technology developments at parent level will be executed through POWERIND in India, could keep relative valuations higher than peers.

Goldman Sachs on Hitachi Energy India Recommendation: Neutral, Target: ₹30,100 Broad-based utility, industrial and data centre orders support growth, with 4 to 5 HVDC projects expected over 12 to 24 months. Capacity expansion through CY27 to CY28 and export mix target of 25% to 30% strengthen medium-term prospects. Exports carry 300 to 400 bps higher margins than domestic business, but premium valuations limit re-rating potential.

Citi on Hindustan Aeronautics Recommendation: Buy, Target: ₹6,175 Tejas Mk1A delivery ramp and improving execution readiness support medium-term growth. Management’s FY27 revenue growth guidance of 10% to 12% and EBITDA margin target of 30% to 31% remain supportive. Higher inventory and institutional backing for resolving Mk1A bottlenecks strengthen delivery visibility.

HSBC on Hindustan Aeronautics Recommendation: Buy, Target: ₹6,350 Expects Tejas Mk1A deliveries to begin by FY27 end as engine supplies and integration issues are resolved. ₹2.54 lakh crore order book provides long-term visibility, but execution remains the principal constraint. Retains earnings estimates; radar and weapons integration delays remain key risks.

UBS on Hindustan Aeronautics Recommendation: Sell, Target: ₹3,650 (Earlier Target: ₹3,200) ₹2.55 lakh crore order book provides 7 to 8 years of revenue visibility, with Mk1A capacity targeted above 24 aircraft annually. Limited visibility on incremental large platform orders through FY28 and execution delays constrain earnings expectations. Manufacturing mix pressures and rising private sector competition remain key risks; prefers Bharat Electronics.

JPMorgan on Hindustan Aeronautics Recommendation: Overweight, Target: ₹5,733 Tejas Mk1A deliveries remain key catalyst, with over 20 aircraft ready and GE engine supplies improving. ₹2.54 lakh crore order book and ₹90,000 crore two-year order pipeline support long-term growth visibility. Retains FY27 revenue growth guidance of 10% to 12% and EBITDA margin target of 30% to 31%; expects 10% PAT CAGR over FY26 to FY29.

Kotak on Hindustan Aeronautics Recommendation: Add, Target: ₹5,410 (Earlier Target: ₹5,305) Tejas Mk1A deliveries remain key catalyst, contingent on radar, weapons integration and sustained GE engine supplies. ₹90,000 crore near-term order pipeline supports growth; expects 16% revenue CAGR over the next five years. Hikes FY27 EPS by 1%; expects 16% PAT CAGR over FY26 to FY29, while margin pressure remains a key risk.

Goldman Sachs on Hindustan Aeronautics Recommendation: Buy, Target: ₹5,870 Improving GE F404 engine supplies and anticipated Tejas Mk1A deliveries remain key catalysts. Higher helicopter deliveries and new defence procurement approvals support medium-term growth visibility. Manufacturing mix pressures margins, but valuation below 30x forward earnings provides support.

Emkay on Bharat Dynamics Recommendation: Add, Target: ₹1,200 (Earlier Target: ₹1,325) Akash missile execution supports management’s FY27 revenue guidance of over ₹5,000 crore, with margins expected at 10% to 12%. ₹27,000 crore order book provides strong visibility; Astra Mk II, QRSAM and MRSAM underpin a robust order pipeline. Cuts FY27 to FY29 EPS estimates by 16%, 9% and 3% as higher bought-out components pressure near-term profitability.

Nuvama on Bharat Dynamics Recommendation: Hold, Target: ₹1,170 (Earlier Target: ₹1,150) Akash missile production and new manufacturing facilities expected to accelerate execution and deliveries. FY27 order inflow guidance of ₹15,000 crore includes anticipated QRSAM orders, while margin recovery remains critical. Cuts FY27 EPS estimates by 11%; expects EBITDA margins to recover to 17% by FY28.

DAM Capital on Bharat Dynamics Recommendation: Buy, Target: ₹1,350 (Earlier Target: ₹1,560) Management targets FY27 revenue above ₹5,000 crore and cumulative order inflows exceeding ₹30,000 crore over three years. Expects EBITDA margins to normalise to 14% to 15% after Akash execution, supported by higher indigenisation and exports. Cuts FY27 to FY28 earnings estimates by 16% and 14%; timely deliveries and conversion of QRSAM orders remain key catalysts.

Goldman Sachs on Bharat Dynamics Recommendation: Sell, Target: ₹1,060 (Earlier Target: ₹1,150) Akash missile execution accelerates, supported by an estimated ₹25,800 crore order book. Expects EBITDA margins to remain below 15% as bought-out components dominate execution and export orders remain absent. Cuts FY27 to FY29 revenue estimates by 17%, 20% and 15%; weak profitability and working capital intensity remain concerns.

Goldman Sachs on Astra Microwave Recommendation: Buy, Target: ₹2,250 (Earlier Target: ₹2,230) ₹3,940 crore standalone order book, with 82% production orders, supports multi-year revenue visibility. Indigenous radar, electronic warfare and software-defined radio programmes underpin growth; proposed business demerger could unlock value. Hikes FY27 to FY29 EBITDA estimates by approximately 1% each; inventory build-up and weak cash conversion remain risks.

CLSA on Manappuram Finance Recommendation: Outperform, Target: ₹370 Q2FY27 standalone PAT beat estimate by 3% as higher provisions partly offset a 9% PPOP beat. Latter was driven primarily by better-than-expected margins. Over past two quarters, MGFL has struck a better balance between growth and margins, with gold loan yields improving 90 bp in H1FY27 without compromising much on growth. Gold loan book grew 6% q-o-q, driven by 4% tonnage growth and stable loan-to-value. MGFL continues to contain opex well and expects expense ratio to trend down. Credit costs were higher than expected due to an increase in Stage 2 loans, but believe this would not result in an end loss. Factor in one more repo rate hike but raise our FY27 to FY29 PAT estimates 1% to 6% on stronger PPOP. Believe risk-reward is now favourable post recent correction.

Jefferies on Manappuram Finance Recommendation: Buy, Target: ₹400 (Earlier Target: ₹430) Branch expansion and customer additions expected to drive 17% AUM CAGR over FY26 to FY28. Management targets 25% to 30% gold loan AUM growth in FY27, supported by 500 planned branch additions. Hikes FY27 to FY28 EPS estimates by 3% to 4%; rising funding costs and gold loan stress remain key risks.

JPMorgan on Manappuram Finance Recommendation: Overweight, Target: ₹395 Management retains FY27 gold loan AUM growth guidance of 25% to 30%, targeting the upper end. Plans approximately 250 branch additions over the next few months against its FY27 target of 500. Slower growth versus peers, rising Stage 2 gold loans and higher credit costs remain risks to profitability.

JPMorgan on NMDC Recommendation: Underweight, Target: ₹64 Posted a weak Q2 print, with EBITDA and PAT 14% and 8% below JPMe. Revenue grew 6% y-o-y driven by ASPs and came in largely in line with JPMe, however adjusted PAT declined 2% y-o-y. Total expenses per ton grew approximately 13% y-o-y and were well ahead of our expectations; miss was broad-based across royalty, other expenses and employee costs. NMDC was impacted by weather-related disruptions during the quarter, hence sales volumes have lagged production in H1. However, street estimates for FY27 still imply a 35% y-o-y EBITDA growth in H2FY27 vs H2FY26, even as H1 showed a 2% y-o-y decline. Hence, execution will be a key monitorable.

Citi on NMDC Recommendation: Sell, Target: ₹65 (Earlier Target: ₹80) Q2 EBITDA fell 3% y-o-y due to higher realisations offset by lower volumes and higher costs. EBITDA margin 29% vs 36% in Q1 and 32% last year. Margins fell q-o-q on lower prices and higher costs. NMDC fines prices have been flattish since August 2026 at ₹4,500 per tonne, slightly lower vs Q2 average. NMDC price premium to export parity is approximately 25% vs 26% to 27% in FY25 to FY26. Sell on expectation of domestic prices to be rangebound due to rangebound global price outlook and volume focus. YTD despatches are down approximately 2% y-o-y, increasing the ask rate for the rest of the year. Lloyds Metal and Energy enhanced capacity from 10 mt to 25 mt in FY26; H1 sales rose 28% from 5.9 mt to 7.6 mt. NMDC trades at approximately 6.1x FY28 EV/EBITDA, 10-year average approximately 5.5x; global peers at 4x to 6x.

Goldman Sachs on NMDC Recommendation: Sell, Target: ₹77 (Earlier Target: ₹82) Recent iron ore price cuts expected to pressure profitability despite potential recovery in volumes. Bailadila evacuation disruptions and elevated royalty costs constrain operating performance. Cuts FY27 to FY29 EPS estimates by 0.2%, 5.3% and 5.4%; elevated receivables and weak pricing remain risks.

Goldman Sachs on Ola Electric Recommendation: Sell, Target: ₹22 (Earlier Target: ₹23) Dealer-led transition targets 700 outlets by Q4FY27, replacing company-owned stores. Expects over 650 bps gross margin pressure, partly offset by ₹50 crore fixed cost savings. Cuts FY27 to FY29 revenue estimates by up to 6%; weak volumes and persistent losses remain key risks.

Citi on Ola Electric Recommendation: Sell, Target: ₹21 (Earlier Target: ₹25.53) Management targets monthly production of 25,000 vehicles by December 2026, which Citi considers optimistic. Dealer-led transition and 6 GWh cell facility ramp-up offer recovery opportunities, but market share losses persist. Cuts volume, revenue and EBITDA forecasts amid supply constraints, rising costs and weaker battery storage expectations. Q2 performance was weaker than expected, with deliveries of 35,000 to 36,000 units against an estimate of 44,000. Revenue stood at ₹421 crore versus the estimate of ₹499 crore. EBITDA loss widened to ₹218 crore, against the estimate of ₹149 crore. FY27 to FY29E volume estimates are cut by 21% to 22%, revenue estimates by 26% to 42%.

Kotak on Ola Electric Recommendation: Sell, Target: ₹18 (Earlier Target: ₹20) Dealer-led transition targets over 700 stores by March 2027, but weak brand equity and volume recovery remain concerns. Needs sustained monthly volumes of 25,000 vehicles to achieve cash breakeven; ₹350 crore quarterly FCF outflow threatens liquidity. Cuts FY27 to FY29 revenue estimates on lower ASP assumptions; unproven battery storage business and persistent losses add execution risks.

HSBC on Page Industries Recommendation: Buy, Target: ₹43,870 Q2FY27 volume growth of 5.5% versus estimate of 10%; Page attributed this to festive shift, volume growth in July to August was 11%. Double-digit volume growth guidance remains unchanged, implying H2FY27 growth rate of 14%. Marginal cut to 2027 to 2029E EPS 1% to 3%; PE multiple trimmed to 48x.

Nomura on Page Industries Recommendation: Buy, Target: ₹41,000 Q2FY27 below estimates; FY27E double-digit volume growth guidance maintained despite weak Q2. Management remains confident of achieving its full-year guidance of double-digit volume growth, implying a mid-teens run-rate in H2. Company disclosed a FEMA violation with respect to online retail trading of imported Jockey and Speedo products without physical retail stores during 2014 to 2026. In response, Page has restricted online sales of its imported Jockey products while Speedo is no longer operated as a direct company for the consumer business; instead, it is being routed through third-party franchises. Company initially filed an application for compounding with RBI on 20 May 2026, which was returned on 16 October 2026, seeking post-facto government approval, which Page is currently pursuing. Nevertheless, potential penalty ranges from 0.75% to 3x of amount involved (₹48 crore). However, 3x levy has no precedence and management expects financial impact to be negligible.

Citi on Page Industries Recommendation: Buy, Target: ₹37,300 (Earlier Target: ₹46,500) Revenue and volume grew by 12% and 6% which is 3% and 4% below Citi estimate and below management guidance of double-digit volume growth. Management attributed shift in festive season for lower volume growth and reiterated their double-digit volume growth guidance for FY27E. Though management highlighted YTD performance on track to achieve the volume growth guidance, given weak start in H1 (6% volume growth), stock may remain under pressure in near term and re-rating will be dependent on Q3 execution. Cut FY27 to FY29E revenue and EPS estimates by 2% to 3% and 2% to 5% and target multiple to 42x September 2028E factoring weaker-than-expected performance.

Ambit on Page Industries Recommendation: Sell, Target: ₹34,167 Management’s double-digit FY27 volume growth guidance implies 14% to 15% growth in H2FY27, which Ambit considers ambitious. Expects volume growth to remain below 10% despite festive recovery, new launches and improving order fulfilment. Limited product differentiation, pricing risks and e-commerce competition constrain sustained growth and re-rating.

Goldman Sachs on Page Industries Recommendation: Buy, Target: ₹40,500 (Earlier Target: ₹45,700) Q2 volume growth of 5.5% fell below the house estimate of 7.9%. Sales rose 11.5%, below house estimates of 15% and consensus of 13%. Gross margin stood at 57.2%, below estimates, as approximately 7% raw material inflation was only partly offset by a 2.5% price hike. EBITDA growth of 7.4% was slightly below house and consensus expectations. Double-digit volume guidance implies around 14% growth in H2. Cuts FY27 volume growth expectation to 6% and FY27 to FY29 EPS estimates by approximately 6%.

Nomura on Vodafone Idea Recommendation: Neutral, Target: ₹13.5 Q2 miss on margins; capex accelerates. Q2FY27 revenue at ₹11,880 crore was up 1.7% q-o-q and 6.2% y-o-y which is 1.4% ahead of estimates. EBITDA at ₹4,980 crore was down 1.1% q-o-q and up 6.3% y-o-y, and 1.6% below estimates. Margin fell 120 bp q-o-q to 41.9%. EBITDA excluding Ind-AS impact at ₹2,500 crore was up 0.9% q-o-q and 11.2% y-o-y. ARPU at ₹178 was up from ₹177 in Q1, below estimate of ₹180.9. VIL ARPU growth of 0.6% q-o-q was slowest among peers. Quarterly net subscriber gain of 1.3 million was at multi-year highs; above estimate of 1.1 million quarterly adds in Q2. Key catalysts for VIL: successful debt capital raise, industry tariff hikes, acceleration on subscriber additions and strategic equity investment that may provide the much-needed confidence capital. Key downside risks include slower-than-expected subscriber and ARPU growth and delayed industry tariff hikes.

JM Financial on Vodafone Idea Recommendation: Add, Target: ₹14.7 Results inline; long-term viability hinges on government relief for spectrum and AGR liabilities. Lenders’ approval of ₹25,000 crore funding remains critical for network expansion and subscriber retention. Rising spectrum repayments of ₹7,000 crore, ₹15,000 crore and ₹27,000 crore over FY27 to FY29 pose significant financial risks.

Ambit on Vodafone Idea Recommendation: Buy, Target: ₹18.7 Network expansion backed by over ₹10,500 crore funding and ₹13,200 crore equipment orders should improve subscriber retention. Expects 15% tariff hike by December 2026 and 12% biennial hikes thereafter, supporting strong operating leverage. Anticipates ₹25,000 crore debt funding by March 2027; government support and execution remain critical risks.

JPMorgan on Vodafone Idea Recommendation: Underweight, Target: ₹9 Bank funding remains critical to sustaining network capex, market share and subscriber retention. Excluding M2M connections, subscriber losses persist despite improving headline additions; ARPU growth remains modest. Expects minor consensus earnings downgrades; fundraising progress remains the key near-term catalyst.

JM Financial on Zee Entertainment Recommendation: Reduce, Target: ₹67 ₹600 crore buyback at ₹91 per share covers 6.86% of equity, with promoters opting out and record date set for 25 November. Outstanding promoter warrants at ₹126 could lift promoter holding to approximately 24% upon full conversion, assuming maximum buyback. Advertising recovery, normalisation of content investments and returns from digital and sports initiatives remain key monitorables.

CLSA on Zee Entertainment Recommendation: Outperform, Target: ₹110 Board approves ₹600 crore buyback of 65.9 million shares at ₹91 each, a 23% premium to market price. Promoters will not participate in the tender offer, while outstanding convertible warrants were allotted at ₹126 each. Strong cash balance of ₹2,570 crore supports capital return, with buyback aimed at enhancing long-term shareholder value and investor confidence.

Jefferies on Alkem Laboratories Recommendation: Buy, Target: ₹6,520 (Earlier Target: ₹6,400) Management guides for 11% India growth, mid-single-digit US growth and 20% to 21% EBITDA margin in FY27. Occlutech acquisition expected to lift FY27 to FY28 EBITDA estimates by 2% to 5%. Improving chronic therapy mix and new launches support margin recovery from FY28.

JPMorgan on Alkem Laboratories Recommendation: Neutral, Target: ₹6,000 (Earlier Target: ₹6,100) Management expects around 11% domestic growth in FY27, but structural competition threatens trade generics. Enzene and Occlutech investments could weigh on margins for another 12 to 24 months before meaningful scale benefits. Weak operating leverage, US pricing pressure and limited near-term catalysts constrain re-rating.

JPMorgan on Amber Enterprises Recommendation: Overweight, Target: ₹8,350 Electronics growth and PCB manufacturing expansion support the transition towards a higher-margin EMS business. Cuts FY27 Railways revenue growth guidance to 15% to 20% from 30% to 35% amid project delays. Commodity inflation, currency fluctuations and wage increases pressure margins; FY27 profitability guidance remains critical.

JPMorgan on Avalon Technologies Recommendation: Underweight, Target: ₹1,650 Clean Energy, Industrials and Mobility drive strong growth, with order book expanding 27% y-o-y. Strong first-half growth of 44% raises possibility of an upgrade to FY27 revenue growth guidance of 26% to 30%. Expects upward consensus earnings revisions, although weak Communications demand and rising working capital remain concerns.

Elara Capital on Coromandel International Recommendation: Buy, Target: ₹2,490 (Earlier Target: ₹2,086) Upgrades to Buy, driven by higher Rabi nutrient-based subsidies. FY27E EBITDA estimates have been raised by 34% following the subsidy hike. FY28E and FY29E EBITDA estimates are raised by 30% and 19% respectively. The stock is valued at 23x H1FY29E earnings. Higher subsidies are expected to significantly improve profitability in FY27. Slower volume growth and rising raw material prices remain key risks.

Jefferies on Cummins India Recommendation: Buy, Target: ₹5,450 (Earlier Target: ₹6,700) Cooling crude, commodity and freight costs could support a stronger-than-expected margin recovery. Pricing actions and stabilising export logistics offer additional profitability support. Cuts FY27 to FY30 EPS estimates by 19% to 21%; margin recovery remains the key catalyst.

Goldman Sachs on India Autos Festive registrations show M&M SUV growth of 19% and TVS Motor growth of 15%, outperforming car and two-wheeler industry growth of 2% and 7%. M&M SUVs and TVS gain 186 bps and 141 bps market share, respectively; Tata Passenger Vehicles and Kia also gain share. Maruti Suzuki loses 281 bps share, while Ola Electric volumes decline 36%; divergent market share trends highlight competitive shifts.

Jefferies on Kirloskar Oil Engines Recommendation: Buy, Target: ₹2,500 Easing commodity and freight costs could reverse recent margin pressure. Market share gains in high-horsepower generators and consolidated industry structure support pricing power. Price hikes and recovering exports offer scope for operating margin improvement.

Jefferies on Thermax Recommendation: Buy, Target: ₹4,020 Management expects a significantly stronger second half as loss-making project pressures ease. Cooling raw material and logistics costs could provide incremental margin relief. Visible execution improvement remains essential to restoring investor confidence.

Kotak on Molbio Diagnostics Recommendation: Buy, Target: ₹1,700 Expects 23% revenue, 33% EBITDA and 41% PAT CAGR over FY26 to FY29. Truenat installed base projected to exceed 20,000 devices by FY29, supporting recurring test kit revenue. Prognosys and OptraScan expansion, alongside new diagnostic applications and exports, drive diversification.

Kotak on India CPI Inflation October CPI at 6.1% breaches RBI upper tolerance limit amid broad-based food inflation. Hikes FY27 and FY28 inflation forecasts to 5.3% and 5%, respectively. Expects 25 bps RBI rate hikes in December and February, taking terminal repo rate to 6%. Persistent food inflation could trigger further tightening; policy pause expected after February in base case.

UBS on India CPI Inflation October CPI at 6.1% breaches RBI upper tolerance band, driven by food inflation and broadening price pressures. Expects FY27 average inflation at 5.2%, remaining above 5% through H1FY28. Anticipates a 25 bps RBI rate hike in December amid resilient economic growth. Lower oil prices and rupee appreciation could limit the need for more aggressive tightening.

BofA on India CPI Inflation October CPI at 6.09% breaches RBI upper tolerance band amid food and core inflation pressures. Expects FY27 average inflation at 5.2%, remaining above 5% through H1FY28. Anticipates a 25 bps RBI rate hike in December amid resilient economic growth. Lower oil prices and rupee appreciation could limit the need for more aggressive tightening.

Morgan Stanley on India CPI Inflation October CPI at 6.1% breaches RBI upper tolerance limit, with broadening food and core inflation. Expects November CPI near 6.4% and average inflation of 6% from October 2026 to July 2027. Weak rabi sowing and rising commodity cost pass-through create further inflation risks. Expects three successive RBI rate hikes through April 2027, taking terminal repo rate to 6.25%.

HSBC on India CPI Inflation October CPI at 6.1% breaches RBI upper tolerance band, with 55% of the basket recording inflation above 4%. Expects inflation around 6.2% in the December quarter as food and services price pressures persist. El Niño risks, elevated input costs and potential retail price hikes threaten further inflation acceleration. Expects another 50 bps of RBI rate hikes, taking terminal repo rate to 6%.

Bernstein on Nvidia Recommendation: Market-Perform, Target: $200 (Earlier Target: $400) Reported allegations involving CEO Jensen Huang increase the likelihood of a leadership transition. Core AI business fundamentals remain strong, but succession uncertainty and potential investigations constrain confidence. Keeps FY28 to FY29 earnings estimates unchanged while cutting valuation multiple to around 11x from 21x.

Citi on Nvidia Recommendation: Buy, Target: $225 (Earlier Target: $285) Reported allegations involving CEO Jensen Huang create leadership uncertainty and succession risks. CFO Colette Kress could serve as interim CEO if a leadership transition occurs. AI infrastructure leadership remains intact, but governance uncertainty drives valuation multiple compression.

Goldman Sachs on Nvidia Recommendation: Buy, Target: $220 (Earlier Target: $300) Jensen Huang resignation and Colette Kress appointment as interim CEO increase leadership and execution uncertainty. Expects limited earnings impact over 12 to 18 months, supported by a 12 to 24 month order backlog and established product roadmap. Cuts target P/E multiple to 22x from 30x; expects approximately 80% EPS growth in CY27, while investigations and succession risks weigh on valuations.