Cantor Fitzgerald analyst C.J. Muse reiterated an Overweight rating and $200.00 price target on NVIDIA (NASDAQ: NVDA)

The analyst comments "While expectations have moved higher post the AI announcements from the Middle East last week and Computex this week, we continue to view this May 28th earnings call as a positive clearing event. Despite the loss of ~$15B in Data Center revenues from the H20 China restrictions for all of CY25, we look for the July Q guide to be much better than feared (where we see revenue guide of $46.0B vs. consensus of $46.3B; this assumes a $5B headwind from China partially offset by meaningful Blackwell ramp). Moreover, with improving visibility to rack-scale shipment acceleration supported by the overall Blackwell ramp, including a meaningful GB300 ramp in 4Q25 (now hearing ~25k for all of CY25), we expect mgmt. to discuss a strong H/H Data Center demand environment (i.e., we see CY25 Data Center revenues tracking to $200B, including China embargo vs. current consensus of $175B). Elsewhere, look for a focus on 2026 (mgmt. to be optimistic on sustainability of AI infrastructure spending, but likely too early for any official guide), reiteration of mid-70's GMs in 2HCY25 (in-step with prior commentary), and overall excitement around the next meaningful drivers of AI demand (AI Factories and Physical AI). We continue to see NVDA on track for $5.00 in EPS in CY25E (consensus $4.37), followed by $6.50-7.00 in CY26E (consensus $5.59). While shares have rallied considerably from the recent April 7th lows, shares still only trade at 26.8x/19.9x our expected CY25/26 earnings outlook. Couple this backdrop with our vision for this earnings report to mark a clearing event with strong line-of-sight to reacceleration of revenues into 2HCY25 and we continue to see meaningful upside for shares. We reiterate our Overweight rating and $200 price target; shares remain a TOP PICK.."

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Shares of NVIDIA closed at $134.38 yesterday.