KeyBanc Raises NVIDIA Price Target to $190

KeyBanc analyst John Vinh raised the price target on NVIDIA (NASDAQ: NVDA) to $190 (from $180) while maintaining an Overweight rating.

“Despite prior concerns regarding constraints associated with the ramp of GB200 NVL servers, we expect NVDA to report strong F4Q results, which we anticipate will solidly beat, and to guide F1Q conservatively and moderately higher than consensus.

While we do believe that manufacturing constraints are limiting shipments of GB200 NVL server racks, we believe this will be more than offset by the following: 1) given the lower initial manufacturing yields of GB200 NVL, we believe customers have been able to push out orders of GB200 and backfill with HGX-based B200 servers with x86 head nodes; 2) DeepSeek, as well as limited supply of Huawei’s Ascend AI ASIC, has created a surge in demand for H20 GPUs from China CSPs; 3) we believe NVDA’s customers, esp CSPs, are financing its inventory at EMS providers, so effectively sell-in shipments from NVDA to EMS are recognized as revenues.

As such, we are raising ests and our PT and believe NVDA’s strong results should alleviate any concerns that DeepSeek could derail NT AI capex intensity.”

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