Analysts liked what Nvidia had to say in its latest quarterly results . The artificial intelligence chip darling reported fiscal first-quarter earnings and revenue that beat analyst expectations. The company’s data center business led the charge, with sales soaring 73% year over year. Nvidia’s current quarter revenue guidance was also about in line with analyst estimates at $45 billion. That outlook would have been about $8 billion higher excluding lost sales from a recent restriction on exporting its H20 chips to China, the company added. Nvidia shares popped more than 6% in the premarket following the release. Other semiconductor stocks followed Nvidia higher. Dutch semiconductor equipment firm ASML traded more than 2% higher . AMD climbed 3%, and Micron Technology advanced 2.6%. Overall, most analysts reiterated their buy or outperform equivalent ratings on Nvidia following its report, with some hiking their price targets. Here’s what those at some of the biggest shops on the Street had to say” JPMorgan reiterates overweight rating and $170 price target The firm’s updated target implies 26.1% upside from Wednesday’s closing level. “The team continues to maintain a 1- 2 step lead ahead of competitors with its silicon/hardware/software platforms and a strong ecosystem, and the team is further distancing itself with its aggressive cadence of new product launches and more product segmentation over time.” UBS maintains buy rating and $175 price target The firm’s target implies nearly 30% upside from Wednesday’s close. “We see the debate having shifted in a positive direction here as results and guidance were as we (and most investors) expected but gross margin commentary was a little better than feared, and NVDA’s comments on GB200 rack shipments (and progress on GB300) were even more bullish than the positive feedback at Computex last week and give little air to investor concerns about supply chain inventory. … With China stripped out of the model, the set up here seems constructive as it seems likely the Trump administration will allow NVDA to ship a new SKU into China (we assume ~$2-3B/Q add-back), hyperscaler capex vectors remain to the upside, and AI is rapidly diffusing around the world given the sheer size of some of these projects ranging from Humain/Saudi Arabia (~$10B for NVDA) to Stargate (~$20B for NVDA) to the 5GW AI campus in UAE (~$100B for NVDA).” Citi maintains its buy rating and hikes its price target by $30 to $180 The bank’s target calls for more than 33% upside from here. “NVDA reported Apr-Q results in-line and Jul-Q sales of $45B ~$1B above our preview expectations clearing the final hurdle of the China H20 ban transition quarter. Moreover, Blackwell sales of $24B topped our $20B expectations and management maintained mid 70’s gross margins target on improving Blackwell profitability with no major tariff impact. As such, with margins expanding thru Jan-Q, we now expect NVDA stock to break its range bound trend since mid-last year and likely make a fresh 52 week high. We see Citi’s Silicon Valley Bus Tour next week and GTC Paris June 11-12 where we expect sovereign AI Europe announcements as positive catalysts for the stock.” Jefferies reiterates buy rating with $185 price target Its target sees more than 37% upside ahead. “The biggest issue for the stock was the disconnect between Blackwell sales and GB200 shipments but that is now in the rearview as NVDA noted multiple hyperscalers ramping 1k NVL72s/week. We would not run-rate several thousand NVL72 per week but the point is that whatever inventory that built up is clearing fast. … Altogether 2H25 shaping up nicely for NVDA with likely beat/raises from here, while the setup for the rest of AI names becomes more challenging.” Barclays keeps overweight rating and increases price target to $170 from $155 Its updated target implies more than 26% upside. “4 major improvements to demand since GTC are allowing the company to largely offset the China headwind. 1) Inference taking off with reasoning models, 2) AI factories, 3) AI diffusion off the table, 4) Enterprise agents. … Material step-up (64% seq.) in Networking is also indicative of better system sales, which should alleviate concerns on product transition and the company highlighted initial GB300 sales later this quarter. … The 2H should see a material acceleration as more system deployments hit the market and Ultra transition layers on.” Wolfe Research keeps outperform rating and increases price target to $170 from $150 Its new target also calls for more than 26% upside. “NVDA remains among our favorite names, as the chief beneficiary of the AI revolution. Guidance implies that DC revenue (ex-China) will be up 15% q/q in JulQ, indicating solid Blackwell growth despite well documented rack production constraints. Consistent with our preview, many other investor concerns have by now been addressed. China is now out of numbers (and some could possibly come back), AI diffusion rules won’t be enforced, capex plans appear solid, and it now appears that the rack issues have improved.” Morgan Stanley maintains overweight and top semis pick ratings and lifts price target by $10 to $170 The target points to more than 26% upside. “NVIDIA is putting digestion fears fully to rest, showing acceleration of the business other than the China headwinds around growth drivers that seem durable. Everything should get better from here.” Bank of America reiterates buy rating and hikes price target by $20 to $180 Its updated target implies more than 33% upside. “Three major takeaways from the Q1 call: 1) China derisked, with $15bn in 1H sales of H20 product now already in the model, 2) Blackwell racks in full production, with every large hyperscaler now ramping close to 1K racks/week, 13K racks/quarter or ~$30bn+/q at $2.5mn+ rack ASP (or $100bn+ across the top few hyperscalers, though NVDA didn’t quantify further), and 3) NVDA confident in GM recovery back to mid-70s % sometime later in the year, another sign of improving demand and rack-scale execution.”
