KeyBanc Reiterates Overweight Rating on NVIDIA (NVDA)
KeyBanc analyst John Vinh reiterated an Overweight rating and $190.00 price target on NVIDIA (NASDAQ: NVDA)
The analyst comments: "Comparing these results to cons is somewhat difficult as Street ests reflect a blend of ests that have removed H20 revs. However, we view F1Q (Apr) results, and esp F2Q (Jul) guidance, as very strong. Regarding China, NVDA noted F2Q excludes $8B in H20 revs, which, if we compare to cons before the China ban of $47.9B, would imply the comparable guide would have been ~$53B in revs and well above. Blackwell revs contributed nearly 70% of Data Center compute revs, which grew 73% y/y. Additionally, NVDA noted it is seeing a significant improvement in GB200 NVL72 manufacturing yields, noting hyperscalers on avg are deploying nearly 1K NVL72 racks/week or 72K Blackwell GPUs per week. We're encouraged by these results and are fine-tuning ests due to just-released results. Remain OW."
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Shares of NVIDIA closed at $134.81 yesterday.