Jefferies Reiterates Buy Rating on NVIDIA (NVDA)
Jefferies analyst Blayne Curtis reiterated a Buy rating and $185.00 price target on NVIDIA (NASDAQ: NVDA)
The analyst comments: "Overall results were a tad below expectations but the commentary on Blackwell demand is still very positive and the ramp should accelerate as platforms are qualified and supply comes online. Networking revenue was down in Oct (-16% Q/Q) despite sequential improvement in InfiniBand, Ethernet switches, SmartNICs, and Bluefield DPUs but also should improve as Blackwell ramps. GMs will dip lower in April (low 70s) but should improve back to the mid-70s. This was never the quarter that NVDA was going to blow out numbers, and we are not overly concerned with any of the issues on this call as we see increasing beats as Blackwell ramps and still a path above $5 of EPS next year. The name will always struggle with elevated expectations, but business momentum should accelerate from here as Blackwell ramps and that has historically been the time to own the stock."
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Shares of NVIDIA closed at $147.01 yesterday.