HSBC has lowered its price target for Nvidia Corp. from $195 to $185 while maintaining a 'Buy' rating on the shares. The adjustment reflects concerns about potentially weaker momentum in the first half of Nvidia's fiscal year 2026, prompting HSBC to revise its forecast for Nvidia's datacenter revenue down to $236 billion from $253 billion. Analyst Frank Lee highlighted the pressure on Nvidia to deliver a stronger second half of FY26, particularly with the ramp-up of its GB300/B300 platform. Additionally, HSBC revised its estimate for Nvidia's AI server racks sales to 35,000 from 41,500. The firm also adjusted its fiscal year 2026 earnings per share (EPS) forecast for Nvidia to $5.74, a 6% decrease from previous estimates, yet this remains 28% above the consensus of $4.50. The price-to-earnings (P/E) ratio remains unchanged at 32x. HSBC's bear-case EPS for Nvidia ranges from $4.84 to $5.14, which is still above the consensus.