DA Davidson Remains Cautious on NVIDIA (NVDA)

DA Davidson analyst Gil Luria reiterated a Neutral rating and $135.00 price target on NVIDIA (NASDAQ: NVDA).

The analyst comments "We initiated coverage of NVDA a year ago with a NEUTRAL rating and highlighted concerns that placed us among the least bullish on NVDA’s outlook. We look back at the components of our original thesis and examine how they have played out so far. With this analysis in mind, we continue to believe 2025 could be a peak year for NVDA and remain street low on 2026. Another takeaway from this past year is that when your appearance relaying a cautious outlook on NVDA gets posted online never check the comments. People are not very nice online. Based on this reflection we remain cautious on NVDA’s ability to meet consensus expectations for CY2026 and beyond. Our CY2025 remains below consensus and CY 2026 estimate is street low. • Shorter-term, we expect investors to focus on the supply-side disruptions, namely limits on sales to China as well as Blackwell quality issues. We would note that supply issues could actually prolong the cycle, and that the longer-term driver will remain demand. • We maintain our NEUTRAL rating and $135 target which represents a 35x multiple."

For an analyst ratings summary and ratings history on NVIDIA click here. For more ratings news on NVIDIA click here.

Shares of NVIDIA closed at $131.76 yesterday.

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