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

The analyst commented, “Amidst real concerns related to the China H20 embargo and less-than-real concerns related to muddled commentary (at least in our view) out of the Asian supply chain, NVDA offered a better-than-feared outlook for the July Q with $45B in revenue vs. buyside expectations of as low as $43B+ (recall, we previewed $46B and continue to think $48-50B is doable when all is said and done). Again, much better than feared. Beyond the near term, commentary from mgmt was very upbeat with Blackwell now the fastest GPU ramp in the company’s history (mgmt suggested an annualized 3.7M GPU run-rate already vs. our expectations for ~5M for all of CY25), far more orders today vs. GTC in March with many more announcements on the come (mgmt in France, UK, Belgium next week), and the step function demand increase for inference reasoning AI, rescission of AI diffusion rules, Agentic AI, and Industrial AI, all supportive of a stronger end demand picture vs. just 2 months ago. On this front, we continue to see Data Center revenue growing at least 50% H/H when all is said and done, and are supportive of $5.00 in earnings power in CY25 (cons $4.26). Bigger picture, AI is growing faster than any platform shift before (including internet, mobile, and cloud), and NVDA, with Blackwell and its next-generation solutions (both hardware and software), is expected to be the platform of choice for AI. Here, we continue to expect NVDA to take a flamethrower to consensus estimates with a clear path to ~$6.50-7.00 in EPS in CY26E (cons $5.52). As for potential concerns, we have none near term, but agree with Jensen that the 100% AI GPU embargo on China is a mistake as it will only embolden another winner of scale locally in China vs. a US platform (i.e., NVDA) as the platform of choice. Add it all up, and with shares only trading 20x the midpoint of our expected earnings in CY26, we reiterate our Overweight rating and shares remain a TOP PICK. We maintain our $200 price target (equates to 28.5x stretch goal of $7 EPS in CY26), which suggests still 40% upside from after-market pricing.”

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Shares of NVIDIA closed at $134.81 yesterday.