NVIDIA’s 27.28% Slide After CEO Exit Leaves $515 Bull Target

NVIDIA shares fell 27.28% over the past month after Jensen Huang left the CEO role, according to a November 13, 2026 analysis from 24/7 Wall St. The report put the stock at $166.19 and valued the company at $4.013 trillion.

The decline followed a leadership shock rather than a reported collapse in demand. NVIDIA generated $96.221 billion in revenue in its latest quarter, up 105.85% year over year. The $319.99 average analyst target still implies about 92.5% upside, according to 24/7 Wall St.

Against that backdrop, Raymond James senior analyst Simon Leopold sees “limited reason” to expect near-term disruption to customer commitments or product roadmaps, according to 24/7 Wall St. He puts NVIDIA’s moat in its engineering organization, CUDA ecosystem and full-stack architecture.

The mismatch raises the market stakes. Investors must now judge whether a permanent leader can protect customer commitments, product schedules and margins while NVIDIA finances frontier AI labs.

What changed at NVIDIA’s top?

24/7 Wall St. cited The Wall Street Journal’s report that Huang had been ousted. NBC News reported that the stock fell after he resigned. The New York Times had previously reported that Huang had a relationship with an NVIDIA executive who reported to him, and the company’s CFO is reportedly taking over on an interim basis.

24/7 Wall St. recorded an 8.49% decline over the past week. NVIDIA’s 27.28% monthly loss compares with a 2.67% slip for the S&P 500, a gap that makes the leadership change look like the main market variable.

Non-GAAP EPS of $2.22 beat the $2.0887 consensus estimate, according to 24/7 Wall St. The report says the leadership shock amplified older concerns instead of creating them.

Takeaway: The boardroom change explains why NVIDIA underperformed the market while its reported results remained strong.

Has NVIDIA’s operating business weakened?

Management expects gross margin to bottom at 71% to 72% in the fourth quarter because of memory costs, 24/7 Wall St. reported. Days sales outstanding also rose to 60 days.

NVIDIA has put nearly $50 billion into frontier AI labs, according to 24/7 Wall St. Those deals have drawn criticism that they amount to circular financing.

Those issues can weigh on valuation even when revenue grows quickly. NVIDIA’s forward P/E sits at roughly 11 times, 24/7 Wall St. said, a level the report interprets as a damaged franchise rather than a fading business.

Takeaway: Memory costs, customer collections and AI-lab financing give investors reasons to worry beyond Huang’s departure.

Why Raymond James still sees $515

Raymond James senior analyst Simon Leopold kept his Strong Buy rating and $515 target, the highest on Wall Street, according to 24/7 Wall St. The target implies roughly 210% upside from $166.19. Oppenheimer, Bernstein and Baird cut targets or moved to the sidelines, but Leopold did not.

His $515 target applies a 22-times multiple to CY28 earnings. The model assumes NVIDIA reaches an annual revenue run rate approaching $1 trillion by early 2029, according to 24/7 Wall St.

The model rests on supply that 24/7 Wall St. says is already committed. TSMC capacity, HBM supply and Rubin rack deliveries are locked in well before deployment. That assumption reduces the model’s reliance on a near-term demand surge.

Colette Kress supported that case on NVIDIA’s last earnings call, guiding to about 70% fiscal 2028 growth and describing that ceiling as supply-limited. She also put Vera Rubin’s revenue opportunity at $40 billion per gigawatt, according to 24/7 Wall St.

Wall Street’s fiscal 2028 consensus EPS now stands at $15.9146, up from $12.8148 90 days ago, according to 24/7 Wall St. The coverage mix remains bullish, with 10 Strong Buy, 49 Buy, 2 Hold and 1 Sell ratings.

Takeaway: Raymond James’s case depends on locked supply and execution, not a short-term rebound in customer demand.

How much leadership risk is in the price?

Citigroup applied a 25% key-person discount, according to 24/7 Wall St. Bernstein cut its target in half to $200. Those moves show how directly analysts are pricing Huang’s departure, even as several targets still imply large gains.

At $166.19, NVIDIA sits just above its $163.90 52-week low, 24/7 Wall St. reported. The $319.99 average target from 62 analysts implies about 92.5% upside, and the forward P/E stands at roughly 11 times.

Many targets were set before the departure, 24/7 Wall St. said, so they provide guidance rather than stronger evidence. The report also notes that implied upside above 40% is rare for a company worth $4.013 trillion.

NVIDIA is down 10.68% year to date while the S&P 500 is up 11.05%, according to 24/7 Wall St. Over one year, NVIDIA lost 14.04% while the index gained 10.81%.

Takeaway: The valuation already discounts serious leadership damage, but much of the analyst guidance predates Huang’s exit.

How do AMD and Broadcom compare?

Advanced Micro Devices slipped 3.34% over the month but jumped 30.34% over the past week, 24/7 Wall St. reported. At $585.30, its stock sits below the $657.49 average target, leaving about 12.3% implied upside.

The AMD analyst mix contains 5 Strong Buy, 39 Buy and 11 Hold ratings, according to 24/7 Wall St. That leaves far less room for gains than analysts see at NVIDIA.

Broadcom rose 1.97% over the month and 24.06% over the past week, according to 24/7 Wall St. Its $364.36 share price compares with a $533.42 average target, for about 46.4% implied upside.

The Broadcom rating mix includes 8 Strong Buy, 41 Buy and 2 Hold ratings, according to 24/7 Wall St. Both peers performed better than NVIDIA over the month.

24/7 Wall St. attributes almost all of NVIDIA’s wider implied upside to its own price drop. The report reads that gap as investors pricing a leadership risk that the company faces alone.

Takeaway: NVIDIA offers the most upside because it has fallen hardest, not because its competitors face the same governance problem.

What must happen at next week’s earnings report?

Next week’s earnings report will be the first real test of the bull case, according to 24/7 Wall St. NVIDIA must confirm its $108.0 billion revenue guide, keep Vera Rubin on schedule and have the board name a credible permanent CEO quickly to regain momentum toward the average target.

• Fiscal 2028 growth needs to reach roughly 70%, the pace Colette Kress guided to, for Raymond James’s $515 case to work.
• Kress said AI-lab financing should drive about one-quarter of next year’s business, according to 24/7 Wall St. Any sign that those funding arrangements are becoming uncertain would strengthen the bear case.

The bear case gains weight if the governance scandal expands, the CEO search drags on, or financing for frontier AI labs starts to look uncertain, 24/7 Wall St. said. A gross margin sliding toward the low 70s would add pressure.

24/7 Wall St. reaches a bullish conclusion. At roughly 11 times forward earnings, the stock prices a damaged franchise even though customers and supply are already locked in. The analysis treats $515 as the best case and $319.99 as the more realistic average target.

Takeaway: Next week’s numbers will test NVIDIA’s operating momentum, while the CEO search will decide how much of the old valuation investors restore.