Nvidia (NVDA) stock fell more than 3% on Thursday as Wall Street analysts reiterated their bullish views on the chip giant ahead of its highly anticipated earnings report next week.
Nvidia shares have gained more than 25% since early August.
KeyBanc’s John Vinh was one of the last Wall Street analysts to explain why the company should be poised to beat ambitious forecasts in his Aug. 28 report.
“We believe modest expectations for Blackwell shipments in the third quarter were offset by higher Hopper bookings,” Vinh wrote in a recent note.
“We expect NVDA to report higher/improved results, with the upside being driven by strong demand for Hopper GPUs.”
The analyst reiterated a buy rating on the stock with a price target of $180.
Nvidia’s next-generation Blackwell chips are reportedly facing delays of up to three months, potentially delaying future orders and weighing on projects at key customers like Microsoft (MSFT), Meta (META), Google (GOOG, GOOGL) and Amazon (AMZN), which collectively account for about 40% of the company’s revenue.
Citi analysts also reiterated their buy rating on the stock this week, writing that they expect “comments from Blackwell [from Nvidia] to reassure investors about good prospects for 2025, and [the] The company’s analysts have a $150 price target on the stock.
Goldman Sachs analysts also reiterated their buy recommendation on Nvidia, which is also on the firm’s Conviction List.
Wall Street remains positive on Big Tech’s AI infrastructure spending, with Goldman Sachs recently saying it believes “customer demand among large cloud providers and enterprises is strong and Nvidia’s strong competitive position in AI/accelerated computing remains intact.”
Analysts expect Nvidia’s revenue to rise 112% in its latest quarter, though that would mark a slowdown from the company’s more than 250% growth in the same quarter last year.
Nvidia shares were a major driver of the market’s rebound in August, with the stock rebounding roughly from its August lows when it fell below $100.
Shares last hit an intraday high above $140 in June, closing at an all-time high of $135.58 on June 18. The majority of analysts are bullish on the AI chip heavyweight, with 66 buy ratings, eight hold ratings and no sell recommendations.
Ines Ferre is a senior economics journalist for Yahoo Finance. Follow her on X at @ines_ferre.
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