Evercore ISI reiterates Outperform rating on Nvidia stock ahead of earnings

Investing.com - Evercore ISI has reiterated an Outperform rating on Nvidia (NASDAQ:NVDA) with a price target of $261.00 ahead of the company’s upcoming earnings report, scheduled for November 19 - just 5 days away according to InvestingPro data.

The research firm expects Nvidia to deliver better-than-expected results for its October quarter, with the earnings call scheduled for November 19 after market close. Analysts broadly share this optimism, with a strong consensus recommendation of 1.34 on InvestingPro.

According to Evercore’s channel checks, availability of Nvidia’s GB200 and GB300 products has "greatly improved," though demand continues to exceed supply, supporting the firm’s positive outlook. This aligns with Nvidia’s impressive 71.55% revenue growth over the last twelve months.

The firm notes that Nvidia is currently trading at a next-twelve-months price-to-earnings ratio of 30x, below its 9-year median of 35x, and only 11% above Marvell, while trading 16% below Broadcom and 27% below AMD. InvestingPro data shows Nvidia’s current P/E ratio at 54.2, reflecting its high-growth status.

Evercore ISI highlighted Nvidia’s 2026 PEG ratio of 0.55x as "well-below parity" compared to an average of 1.4x for other AI-related semiconductor stocks in its coverage, reinforcing its view of Nvidia as a "top pick and core semiconductor holding." InvestingPro data shows Nvidia’s PEG ratio at 0.82, suggesting the stock may be reasonably valued relative to its growth prospects despite its high P/E. The stock has also seen a 38.08% price increase over the past six months, reflecting strong investor confidence.Want deeper insights before Nvidia’s crucial earnings? InvestingPro offers 17 additional ProTips and comprehensive Pro Research Reports that transform complex Wall Street data into actionable intelligence for smarter investing decisions.

In other recent news, Nvidia has been the subject of several analyst updates, largely focused on its upcoming earnings report and the company’s position in the AI market. BofA Securities reiterated its Buy rating on Nvidia, underscoring the company’s leadership in AI chip technology and setting a price target of $275. Wells Fargo also raised its price target to $265, maintaining an Overweight rating due to Nvidia’s strong performance in the data center business. KeyBanc maintained its Overweight rating with a $250 price target, expecting robust fiscal third-quarter results and improved guidance for the January quarter. Oppenheimer increased its price target to $265, citing potential upside to consensus expectations of $54.7 billion in sales and $1.25 earnings per share. Susquehanna raised its target to $230, supported by strong AI demand and a significant increase in hyperscale capital expenditure plans. These developments highlight the positive outlook analysts have on Nvidia’s future performance, particularly in AI and data center growth.

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