$NVIDIA (NVDA.US)$ Analysts after the earnings reports It is...
Analysts after the earnings reports
It is a quote.
BofA (Buy, PT: $165): "NVIDIA achieved revenue of $30 billion in the 2nd quarter and delivered solid performance, but the outlook for the 3rd quarter is slightly above consensus and below more bullish estimates. This is largely due to Blackwell's increased production being pushed back by one quarter. The introduction of generative AI has just begun, and next-generation AI models require significantly higher computing power, so we continue to believe in NVIDIA's growth opportunities. We have identified an attractive valuation and maintain a buy rating."
Piper Sandler (Overweight, PT: $140): "The decline in NVIDIA's performance after the second quarter is seen as a buying opportunity. The fundamentals are solid, and while profit margins have slightly compressed, the company is well positioned to take advantage of strong AI demand from Hopper and Blackwell. Gross profit margins are stable and expected to support continuous growth."
Canter Fitzgerald (Overweight, PT: $175): Despite concerns over Blackwell's delay, NVIDIA has released a solid report, exceeding expectations with 2 billion in the third quarter and forecasting $2.5 billion per quarter in growth. Revenue of "tens of billions" from Blackwell is expected in the fourth quarter, minimizing concerns about the delay. The gross profit margin forecast remains in the mid-70% range, slightly below market expectations but expected to improve with rising average selling prices and growth. NVIDIA's AI story continues to be strong, and this setback is seen as a buying opportunity.
JPMorgan (Overweight, PT: $155): NVIDIA's performance in July exceeded market expectations in revenue, gross profit, and EPS, but slightly missed market expectations. Supported by strong AI demand and continued spending on Hopper H100 and H200 GPU, the company expects an 8% increase in revenue in October compared to the previous quarter. The delay in Blackwell GPU shipments due to mask changes being two months late is offset by the strong performance of Hopper, thus not affecting the overall revenue profile for CY24/CY25. NVIDIA maintains a significant lead over competitors with an aggressive product release pace and expects gross profit to improve throughout the next year.
KeyBanc (Overweight, PT: $180): NVIDIA's second-quarter performance exceeded consensus but fell short of the buy side's expectations due to delays in Blackwell. The company acknowledged the delay, stating that customer samples have been shipped, and revenue from Blackwell in the fourth quarter is expected to reach "tens of billions." Revenue from Hopper is expected to increase in the second half, and while the gross profit margin is slightly lower, NVIDIA's leadership in AI generation remains evident.
Goldman Sachs (Conviction Buy, PT: $135): Despite lower-than-expected gross margin guidance, NVIDIA's data center revenue opportunities across cloud, consumer internet, and enterprise customers remain robust. Supported by the redesign of the Blackwell GPU, management expects revenue of tens of billions in FY4Q driven by increased Hopper earnings. The company maintains confidence in NVIDIA's positioning in AI and accelerated computing and keeps a buy rating.
Summit Insight (Buy): NVIDIA's gross profit outlook for the October and January quarters has become disappointing due to unexpected changes in the mask step of the upcoming "Blackwell" GPU, leading to short-term uncertainties in gross profit and revenue performance. However, the transition from "Hopper" to the new "Blackwell" is expected to be resolved by early 2025, and NVDA anticipates selling off all existing low-margin mask steps over the next two quarters. Outperformance is expected to accelerate again in FY26.
Jefferies (Buy, PT: $150): While NVIDIA's performance fell short of expectations, concerns over Blackwell's delay have been resolved, and demand for Hopper remains strong. Revenue guidance of $32.5 billion slightly missed investor expectations, but the company is on track, with revenue from Blackwell expected to reach tens of billions in the fourth quarter. The story is back on track, and the recent dip is seen as an opportunity for investors.
Citi (Buy, PT: $150): NVIDIA's performance for July to April period shows strong revenue levels and confidence in the launch of Blackwell. While the gross profit margin outlook due to product mix is low, with the launch of Blackwell, revenue and profit margins are expected to recover significantly in the first quarter. With AI adoption still in its early stages and considering NVIDIA's long-term potential, a buy rating is maintained.
Stifel (Buy, PT: $165): NVIDIA's performance and guidance, especially in the data center computing platform, have been strong. The concerns over Blackwell's delay have been resolved with mask changes, improving yields and expecting significant revenue contributions from the fourth quarter. Short-term profit margins may be impacted, but NVIDIA is well positioned for future growth, maintaining a buy rating.
Mizuho (Outperform, PT: $140): "NVIDIA's October guidance was strong, driven by increased production of Hopper and solid growth in data centers. Despite some slight disappointment, demand for AI servers remains strong, and NVIDIA is expected to benefit from the expanding need for AI infrastructure. We maintain our Outperform rating and raise our PT."
Wells Fargo (Overweight, PT: $165): "Although there are concerns about Blackwell's delay, NVIDIA's outlook continues to be strong due to continued growth in data centers and the AI segment. We have confidence in the company's strategic positioning and product roadmap, and maintain our OW rating."
Bernstein SocGen Group (Outperform, PT: $155): "NVIDIA continues to deliver results amid high expectations, thanks to strong growth in data centers and expected multi-billion dollar Blackwell revenue in the fourth quarter. Demand for Hopper remains robust, and the diversification of customers and expanding opportunities in AI are expected to drive significant growth next year."
Oppenheimer (Outperform, PT: $150): "NVIDIA reported strong performance driven by increased demand in data centers. Blackwell's delay has been minimal, and the company is progressing well towards production in the fourth quarter. NVIDIA holds a leading position in the AI field and is benefiting from the hardware and software stack. We reaffirm our Outperform rating."
Edward Jones (Hold): "NVIDIA is a leader in high-performance GPUs, capturing 90% market share in the data center accelerator chip market. While the management team has positioned the company well in the AI market, consistently surpassing expectations will be challenging due to high expectations. We believe that the company's stock price already reflects optimistic growth prospects and is appropriately valued."
DA Davidson (Neutral, PT: $90): "While NVIDIA reported significant revenue growth driven by data center performance, we continue to maintain a cautious stance due to potential headwinds from the AI infrastructure build cycle and Blackwell's delay. Although the company is in a strong position, our FY25 forecast falls below consensus, and we predict continuous decline in FY26, thus maintaining a Neutral rating."
Goldman Sachs (Conviction Buy, PT: $135): "Although there are concerns about margin compression, we remain optimistic about NVIDIA's data center outlook and anticipate strong demand for the next-generation Blackwell platform. We have confidence in NVIDIA's leadership in AI and accelerated computing, and maintain our Conviction Buy rating."
Piper Sandler (Overweight, PT: $140): "The decline in NVIDIA's performance after the second quarter is seen as a buying opportunity. The fundamentals are solid, and while profit margins have slightly compressed, the company is well positioned to take advantage of strong AI demand from Hopper and Blackwell. Gross profit margins are stable and expected to support continuous growth."
Canter Fitzgerald (Overweight, PT: $175): Despite concerns over Blackwell's delay, NVIDIA has released a solid report, exceeding expectations with 2 billion in the third quarter and forecasting $2.5 billion per quarter in growth. Revenue of "tens of billions" from Blackwell is expected in the fourth quarter, minimizing concerns about the delay. The gross profit margin forecast remains in the mid-70% range, slightly below market expectations but expected to improve with rising average selling prices and growth. NVIDIA's AI story continues to be strong, and this setback is seen as a buying opportunity.
JPMorgan (Overweight, PT: $155): NVIDIA's performance in July exceeded market expectations in revenue, gross profit, and EPS, but slightly missed market expectations. Supported by strong AI demand and continued spending on Hopper H100 and H200 GPU, the company expects an 8% increase in revenue in October compared to the previous quarter. The delay in Blackwell GPU shipments due to mask changes being two months late is offset by the strong performance of Hopper, thus not affecting the overall revenue profile for CY24/CY25. NVIDIA maintains a significant lead over competitors with an aggressive product release pace and expects gross profit to improve throughout the next year.
KeyBanc (Overweight, PT: $180): NVIDIA's second-quarter performance exceeded consensus but fell short of the buy side's expectations due to delays in Blackwell. The company acknowledged the delay, stating that customer samples have been shipped, and revenue from Blackwell in the fourth quarter is expected to reach "tens of billions." Revenue from Hopper is expected to increase in the second half, and while the gross profit margin is slightly lower, NVIDIA's leadership in AI generation remains evident.
Goldman Sachs (Conviction Buy, PT: $135): Despite lower-than-expected gross margin guidance, NVIDIA's data center revenue opportunities across cloud, consumer internet, and enterprise customers remain robust. Supported by the redesign of the Blackwell GPU, management expects revenue of tens of billions in FY4Q driven by increased Hopper earnings. The company maintains confidence in NVIDIA's positioning in AI and accelerated computing and keeps a buy rating.
Summit Insight (Buy): NVIDIA's gross profit outlook for the October and January quarters has become disappointing due to unexpected changes in the mask step of the upcoming "Blackwell" GPU, leading to short-term uncertainties in gross profit and revenue performance. However, the transition from "Hopper" to the new "Blackwell" is expected to be resolved by early 2025, and NVDA anticipates selling off all existing low-margin mask steps over the next two quarters. Outperformance is expected to accelerate again in FY26.
Jefferies (Buy, PT: $150): While NVIDIA's performance fell short of expectations, concerns over Blackwell's delay have been resolved, and demand for Hopper remains strong. Revenue guidance of $32.5 billion slightly missed investor expectations, but the company is on track, with revenue from Blackwell expected to reach tens of billions in the fourth quarter. The story is back on track, and the recent dip is seen as an opportunity for investors.
Citi (Buy, PT: $150): NVIDIA's performance for July to April period shows strong revenue levels and confidence in the launch of Blackwell. While the gross profit margin outlook due to product mix is low, with the launch of Blackwell, revenue and profit margins are expected to recover significantly in the first quarter. With AI adoption still in its early stages and considering NVIDIA's long-term potential, a buy rating is maintained.
Stifel (Buy, PT: $165): NVIDIA's performance and guidance, especially in the data center computing platform, have been strong. The concerns over Blackwell's delay have been resolved with mask changes, improving yields and expecting significant revenue contributions from the fourth quarter. Short-term profit margins may be impacted, but NVIDIA is well positioned for future growth, maintaining a buy rating.
Mizuho (Outperform, PT: $140): "NVIDIA's October guidance was strong, driven by increased production of Hopper and solid growth in data centers. Despite some slight disappointment, demand for AI servers remains strong, and NVIDIA is expected to benefit from the expanding need for AI infrastructure. We maintain our Outperform rating and raise our PT."
Wells Fargo (Overweight, PT: $165): "Although there are concerns about Blackwell's delay, NVIDIA's outlook continues to be strong due to continued growth in data centers and the AI segment. We have confidence in the company's strategic positioning and product roadmap, and maintain our OW rating."
Bernstein SocGen Group (Outperform, PT: $155): "NVIDIA continues to deliver results amid high expectations, thanks to strong growth in data centers and expected multi-billion dollar Blackwell revenue in the fourth quarter. Demand for Hopper remains robust, and the diversification of customers and expanding opportunities in AI are expected to drive significant growth next year."
Oppenheimer (Outperform, PT: $150): "NVIDIA reported strong performance driven by increased demand in data centers. Blackwell's delay has been minimal, and the company is progressing well towards production in the fourth quarter. NVIDIA holds a leading position in the AI field and is benefiting from the hardware and software stack. We reaffirm our Outperform rating."
Edward Jones (Hold): "NVIDIA is a leader in high-performance GPUs, capturing 90% market share in the data center accelerator chip market. While the management team has positioned the company well in the AI market, consistently surpassing expectations will be challenging due to high expectations. We believe that the company's stock price already reflects optimistic growth prospects and is appropriately valued."
DA Davidson (Neutral, PT: $90): "While NVIDIA reported significant revenue growth driven by data center performance, we continue to maintain a cautious stance due to potential headwinds from the AI infrastructure build cycle and Blackwell's delay. Although the company is in a strong position, our FY25 forecast falls below consensus, and we predict continuous decline in FY26, thus maintaining a Neutral rating."
Goldman Sachs (Conviction Buy, PT: $135): "Although there are concerns about margin compression, we remain optimistic about NVIDIA's data center outlook and anticipate strong demand for the next-generation Blackwell platform. We have confidence in NVIDIA's leadership in AI and accelerated computing, and maintain our Conviction Buy rating."
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