Bank of America reiterated its buy rating on Nvidia on Friday with a $350 price objective, according to CNBC’s roundup of the day’s analyst calls. The note says: “Our $350 PO is based on 22x CY27E PE ex cash, within NVDA’s historical 15x-56x forward year PE range”.
Nvidia closed at $181.60 on 5 November, according to Nasdaq’s historical data, 9.26% below its 4 November close of $200.13. A $350 objective is 92.7% above that close, by our arithmetic. When Bank of America kept the same $350 target in August, Digital Today reported it implied “about 59 percent upside from around $220”.
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The key insight: As we read it, Wall Street’s first notes after the rout leaned toward buying the drop: Bank of America kept its $350 Nvidia objective, CNBC reported, a target now 92.7% above Nvidia’s 5 November close by our arithmetic, against about 59% when the same target was kept in August, per Digital Today.
Morgan Stanley reiterated SpaceX as overweight and, CNBC reported, said to buy the weakness in the shares. The note says the selloff “is driven (in part) by anti data center sentiment” and calls SpaceX’s long-term model “a natural hedge to NIMBYism and an ‘n of 1′ in physical AI”. SpaceX closed at $123.62 on 5 November, 9.05% below its 4 November close of $135.92, per Nasdaq’s data. The CNBC excerpt does not give a price target.
Seaport upgraded SiTime, a maker of precision silicon timing systems, to buy from neutral with a $425 price target. Its note says: “We are pretty sure the AI cycle is not over and the recent sell-off is indiscriminate. We think it is overdone and provide a buying opportunity for SiTime”. SiTime closed at $355.00 on 5 November, 27.3% below its 29 October close of $488.08; the $425 target is 19.7% above the 5 November close, by our arithmetic.
Daiwa reiterated Apple as outperform and raised its target to $375 from $335, while warning that “2H27 faces tougher comps and higher memory prices”. The new target is 9.0% above Apple’s 5 November close of $344.17. Roth initiated Forgent Power Solutions at buy with a $42 target, saying “FPS offers differentiated exposure to AI power infrastructure”.
Price targets in analyst notes reported by CNBC on 6 November 2026, as a percentage above each stock’s official 5 November close from Nasdaq: Bank of America’s $350 Nvidia objective, Seaport’s $425 SiTime target and Daiwa’s $375 Apple target. The percentages are our arithmetic; targets are analysts’ estimates.
Update, 6 Nov, 15:40 UTC: Deutsche Bank on SpaceX. Deutsche Bank analyst Edison Yu reiterated a buy rating on SpaceX with a $250 price target in a Friday note, CNBC reported. Yu suggested the post-election risks could be more a matter of perception than reality: “With Elon Musk having provided significant financial support to the Republicans, we think there is a perception of potential political retribution. While there are ways for Congress to interfere, nearly all dealings are conducted with executive branch agencies,” he wrote, according to CNBC. On Texas, Yu wrote: “We think the vast majority of SpaceX’s compute will be outside Texas in 2027E (8-10 GW) so this doesn’t impact our estimates in the near term.”
By our arithmetic, the $250 target is 102.2% above SpaceX’s official Nasdaq close of $123.62 on 5 November. The stock closed at $141.31 on 3 November, so it fell 12.5% over the two sessions after the election, which CNBC described as nearly 13%. Nasdaq showed SpaceX at $130.95 at 10:39 a.m. ET on Friday, up 5.93% intraday. The CNBC article names no specific Democratic proposal aimed at SpaceX. SpaceX and Tesla’s two-day loss is covered in our earlier piece.
Update, 6 Nov, 16:33 UTC: Musk on government contracts.Elon Musk addressed the contract-risk question himself in an X post at 16:10 UTC, quoting a user who suggested he offer to cancel federal contracts that Democrats criticise. Musk wrote: “Tesla has no government contracts and President Trump ended federal incentives for electric vehicles. SpaceX contracts with the government are BOTH the best product AND the lowest price! Moreover government revenue will be less than 10% of SpaceX revenue this quarter and less then 5% a year from now. Happy to cancel any that the government doesn’t want. Just say the word!”
SpaceX’s quarterly report for the three months to 30 September gives a partial check. Launch & Development revenue, which the filing describes as work for government agency space programs, was $637 million of $14,575 million in total revenue, or 4.4% by our arithmetic. That is a lower bound, not a total: Starlink’s Enterprise & Government line, $2,127 million, mixes government and commercial customers, and the filing does not report total government revenue. It names no government customer; of two unnamed customers above 10% of revenue, Customer A, at 16.6%, spans all three segments, and Customer B is in the SI segment. Musk’s forecasts for this quarter and a year from now are his own and are not in the filing.
What Was Posted on X
Exactly ๐
Tesla has no government contracts and President Trump ended federal incentives for electric vehicles.
SpaceX contracts with the government are BOTH the best product AND the lowest price! Moreover government revenue will be less than 10% of SpaceX revenue this quarter and less then 5% a year from now.
Happy to cancel any that the government doesnโt want. Just say the word!
Elon Musk’s post at 16:10 UTC on 6 November, quoting a user’s suggestion that he offer to cancel federal contracts: he says Tesla has no government contracts and that government revenue will be less than 10% of SpaceX revenue this quarter. The update box above sets his claim against SpaceX’s Q3 filing.
As we read CNBC’s roundup, the targets did not move down with the prices: Bank of America’s Nvidia objective stayed at $350 while the stock closed at $181.60, so the gap to the target widened, by our arithmetic.
As we read Morgan Stanley’s note, it ties SpaceX’s drop to the post-midterm mood toward data centers, the same politics behind the selloff, and argues the company’s model hedges it.
As we read Seaport’s upgrade, it treats the chip selloff as broad rather than company-specific: it calls the move indiscriminate and overdone.
Seaport, on SiTime, as reported by CNBC
“We are pretty sure the AI cycle is not over and the recent sell-off is indiscriminate.”
Three Implications
FOR NVIDIA HOLDERS Bank of America’s note, as excerpted by CNBC, keeps the $350 objective on 22 times its calendar 2027 earnings estimate excluding cash.
FOR SPACEX HOLDERS Morgan Stanley’s note, per CNBC, links the selloff in part to anti-data-center sentiment.
FOR CHIP SUPPLIERS Seaport set a $425 SiTime target, 19.7% above the 5 November close by our arithmetic.
The analysis says: “Conflating these clocks produces the most common analytical errors of the moment.”
As we read it, a one-day selloff and a calendar-2027 earnings multiple run on different clocks, and Friday’s notes priced the second. The analysis does not discuss these notes or stocks.
What Is Not Established
We read CNBC’s excerpts of the notes, not the full research. The roundup does not say whether Bank of America changed its estimates after the selloff, or give Morgan Stanley’s SpaceX target. A price target is an analyst’s estimate, not a forecast by us. The 92.7%, 19.7%, 9.0%, 9.26%, 9.05% and 27.3% figures are our arithmetic from Nasdaq’s official closes.
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Bank of America kept its $350 Nvidia objective on Friday, CNBC reported, 92.7% above Nvidia’s 5 November close by our arithmetic, against about 59% when the same target was kept in August. Morgan Stanley told clients to buy SpaceX’s weakness, and Seaport called the chip selloff “indiscriminate”.
A note on sourcing. The analyst actions, targets and quotations are from CNBC’s roundup of 6 November 2026, which excerpts the notes; we did not read the full research. The August comparison is from Digital Today’s report of 19 August 2026. Closing prices are Nasdaq’s official historical closes. The percentages are our arithmetic. Price targets are analysts’ estimates.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
