Nvidia Analyst Sees 'Significant Upside' For Stock With Favorable Risk/Reward

NVIDIA Corporation NVDA analysts see strong Blackwell demand and improved guidance, brushing off several concerns for the semiconductor company after its fourth-quarter financial results.

The Nvidia Analysts:

JPMorgan analyst Harlan Sur reiterated an Overweight rating on Nvidia with a $170 price target.
Rosenblatt analyst Kevin Cassidy reiterated a Buy rating with a $220 price target.
Needham analyst Quinn Bolton maintained a Buy rating with a $160 price target.
KeyBanc analyst John Vinh maintained an Overweight rating with a $190 price target.

JPMorgan on NVDA: Fourth quarter financials reflected solid results with guidance showing continued demand that outstrips supply, Sur said in a new investor note.

The analyst said Blackwell shipments are expected to ramp higher through the year based on management commentary.

"Demand for Blackwell is very strong and will continue to outstrip supply for several quarters. We believe the team did a good job on addressing AI model innovations like DeepSeek," Sur said.

Sur said Nvidia did a good job executing across all segments. The analyst said the first half of the year is typically seasonally weaker than the second half, but strong demand for PC gaming, data center and automotive could offset seasonal weakness.

"We anticipate significant upside in the shares, driving our Overweight rating."

Rosenblatt on NVDA: The semiconductor company reported a strong beat and raise in the fourth quarter, Cassidy said in a new investor note.

The analyst said the improved guidance comes with better-than-expected Blackwell shipments of $11 billion versus prior guidance of "several billion."

"While investors may nitpick the magnitude of the beat, gross margin pressure, and temporary Networking weakness, we view these as near-term fluctuations," Cassidy said.

The analyst said GTC in mid-March now serves as the next catalyst for Nvidia stock.

"We anticipate updates on NVIDIA's technology roadmap and new AI inference use cases to drive further excitement."

Cassidy said non-GAAP gross margins of 73.5% were in line with estimates, and the decline comes as the company transitions to higher-cost systems within the Data Center business segment.

The analyst raised estimates for revenue and earnings per share for the first quarter, fiscal 2026 and fiscal 2027 after the financial results.

Needham on NVDA: Blackwell is ramping at a record pace and could push aside supply chain noise, Bolton said in a new investor note.

"Initial Blackwell revenue is well above expectations," Bolton said.

The analyst said the strong Blackwell demand comes a quarter after overheating rumors and on the heels of DeepSeek concerns for the sector.

"We aren't surprised to see supply chain impacts, which are coming across better than feared in our view."

Bolton said Nvidia stock is a buy, thanks to its attractive valuation and favorable risk/reward profile.

KeyBanc on NVDA: Fourth quarter results and guidance were solid for Nvidia, Vinh said in a new investor note.

The analyst said Nvidia brushed off concerns from DeepSeek during the quarter. Management said DeepSeek could be a net positive for the demand side with learning demand for compute higher than pre-training.

"Given recently released earnings and guidance, we're encouraged by these results and are fine-tuning ests." Vinh said.

Vinh noted that Nvidia has sought to diversify with growth in high-performance computing, automotive and data center, segments that "should drive meaningful growth over the next few years.

"We see limited competitive risks and expect NVDA to continue to dominate one of the fastest growing workloads in cloud and enterprise."

NVDA Price Action: Nvidia stock is down 4% to $126.00 on Thursday versus a 52-week trading range of $75.61 to $153.13. Nvidia stock is down 8.7% year-to-date in 2025 with shares up 60.5% over the last year.

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