Morgan Stanley Reaffirms Overweight on NVIDIA, $152 Price Target

Morgan Stanley analyst Joseph Moore reiterated an Overweight rating and $152 price target on NVIDIA (NASDAQ: NVDA)

“$2-2.5 bn, which would put us around $42 bn) suggests. Expectations are diverse, as normal for this stock.

Less than a month ago, there were several sell-side number cuts, around slow uptake of GB200, DeepSeek concerns, and Hopper weakness.

But more recently we have read some very optimistic previews, particularly around April-quarter guidance.

Given export uncertainty, we just would not expect the company to guide for such a positive inflection in April.

We note that this has been the pattern the top-two quarters – there are numbers concerns around various Blackwell ramp issues, but by the time of the earnings report the stock – and expectations – have risen, That said, we think guiding for $42 bn would be fine, assuming that it is accompanied by a return to the CEO enthusiasm we saw late last year – vs.

CES where it felt like it was in expectations management mode.

NVIDIA remains our Top Pick; we aren’t seeing the quarter as a major positive catalyst, but we remain convinced once we get past export controls there will be positive momentum into 2h.

We view this as something of a transitional quarter, and thus not a major catalyst for the stock, but we remain OW/Top Pick given expectations that the Blackwell cycle will continue to drive meaningful upside through 2h.”

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