What 14 Wall Street analysts said about NVIDIA’s stock following earnings

Below is a summary of what 14 Wall Street analysts said after NVIDIA’s (NASDAQ:NVDA) fourth quarter results and guidance:

BofA Securities – Vivek Arya

• Price Target Raised: $200 (from $190)
• Maintains Buy rating.
• NVDA remains dominant in AI, leading in compute-intensive inference, agentic applications, and robotics.
• Trades at a compelling valuation compared to peers.
• Reported 78% YoY revenue growth in FQ4 ($39.3B), exceeding consensus by 3%.
• FQ1 guidance at $43B (up 66% YoY), exceeding consensus by ~$1B.
• Blackwell sales reached $11B, well above $4-$7B expectations.
• Gross margins (GM) impacted by Blackwell ramp (71% in FQ1 vs. 72% consensus), expected to recover in 2H.

JPMorgan – Harlan Sur

• Maintains Overweight rating and $170 price target.
• FQ4 revenue/EPS above estimates, with strong customer spending on AI compute.
• FQ1 revenue guide at $43B, exceeding consensus.
• Strong Blackwell production and deployment ramp.

Summit Insights – Kinngai Chan

• Stock Downgraded: Buy → Hold
• NVDA expected to outperform near-term due to market demand and product leadership.
• Risk-reward no longer favorable due to high expectations and rumors of PC Client MPU entry.
• Lower computing power requirements for inference could impact NVDA’s long-term financials.
• Growth expected to decelerate in 2H FY26 as GPU supply catches up to demand.

Needham – Rajvindra Gill

• Maintains Buy rating and $160 price target.
• Blackwell revenue exceeded expectations, reassuring investors after overheating concerns.
• GM estimates revised 100bps lower, with slower recovery to ~75%.
• Inference demand increasing, driven by new AI models requiring >100x more compute per task.

Raymond (NSE:RYMD) James – Srini Pajjuri

• Maintains Outperform rating and $170 price target.
• Blackwell ramp exceeding Hopper revenue in FQ1, suggesting past delays are resolved.
• US Hyperscalers driving growth, while China’s share declined to 14%.
• Inferencing demand accelerating, with DeepSeek models requiring significantly more compute.
• GM slightly weaker in FQ1 but expected to recover to mid-70% range later in 2024.
• Networking revenue declined for two consecutive quarters, likely due to timing issues.

Evercore ISI – Mark Lipacis

• Maintains Outperform rating and $190 price target.
• EPS beat by 5% in Jan-Q and Apr-Q outlook raised by 1%.
• Blackwell revenue at $11B, well ahead of expectations, with strong visibility for CY25.
• Blackwell GPUs outperform competitors, offering 25x higher token throughput and 20x lower cost for AI models.

Citi – Atif Malik

• Maintains Buy rating and $163 price target.
• FQ4 and FQ1 revenue beats expectations at $39B and $43B.
• Blackwell ramp progressing well, sales at $11B vs. $10B Citi estimate.
• Inference demand accelerating post-DeepSeek as AI workloads require 100x more compute.
• GM outlook slightly weaker due to Blackwell mix, but expected to return to mid-70s.
• Stock offers an attractive entry point at 23x CY26 EPS despite China restrictions concerns.

Wolfe Research – Chris Caso

• Maintains Outperform rating and $180 price target.
• Slight upside in FQ4 results and FQ1 guidance, consistent with expectations.
• No evidence of revenue pull-ins from China, as its share remains stable in low teens.
• Supply chain concerns largely priced in, with investors reacting positively.

UBS – Timothy Arcuri

• Maintains Buy rating and $185 price target.
• Blackwell ramp exceeding expectations, outpacing even UBS’s $9B forecast.
• Operational expenses growing, signaling confidence in long-term growth.
• Gross margins temporarily lower due to shift in revenue mix, expected to return to mid-70% by year-end.

Bernstein – Stacy Rasgon

• Price Target (NYSE:TGT) Raised: $185 (from $175)
• Maintains Outperform rating.
• Blackwell ramp progressing smoothly, with all configurations now in full production.
• GM at 71% is a minor concern, but meeting strong demand is the top priority.
• AI compute demand remains robust, transitioning from training to inference-heavy workloads.

Truist Securities – William Stein

• Price Target Raised: $205 (from $204)
• Maintains Buy rating.
• Key operational updates:
  • GB200 NVL72 ramping in volume.
  • Post-DeepSeek, NVDA saw increased demand.
  • OpEx growth signals strong sales outlook.
• CY26 EPS revised up to $5.87 (from $5.83).

Stifel – Ruben Roy

• Maintains Buy rating and $180 price target.
• Blackwell revenue at $11B, driving strong DC segment growth.
• Networking revenue declined for two quarters, but expected to recover as Blackwell systems scale.
• B300/GB300 transition expected to be smoother, with potential for accelerated revenue growth in 2H FY26.

Morgan Stanley (NYSE:MS) – Joseph Moore

• Price Target Raised: $162 (from $152)
• Maintains Overweight rating.
• NVDA continues to post record-breaking growth, exceeding guidance by nearly $2B.
• Blackwell demand remains strong, with orders booked through year-end.
• Inference demand scaling up, contrary to concerns about its impact on training.

Piper Sandler – Harsh Kumar

• Maintains Overweight rating and $175 price target.
• Blackwell ramp driving $11B in data center revenue, with NVDA sold out for CY25.
• Large-scale cluster deployments continuing for multiple quarters.
• Gross margin weaker at 71%, but expected to recover by year-end.