KeyBanc Affirms Overweight on NVIDIA, $190 Price Target

KeyBanc analyst John Vinh reiterated an Overweight rating and $190 price target on NVIDIA (NASDAQ: NVDA)

“NVDA reported F4Q (Jan) results and guided F1Q (Apr) slightly above expectations. More meaningful NT upside in F4Q was limited by weaker Gaming, which missed due to supply constraints.

Conversely, Data Center revs of $35.6B (+16% q/q, +93% y/y) exceeded expectations, as Blackwell is ramping and exceeded prior expectations, contributing $11B in revs in F4Q.

F1Q GM of 71% was lower than expected due to the ramp of Blackwell but expected to return to the mid-70s in F2H26.

Regarding DeepSeek, NVDA indicated reasoning models like R1, which utilizes reinforcement learning methods and inference time scaling, can require 100x more compute (not less) than pre-training methods.

Given recently released earnings and guidance, we’re encouraged by these results and are fine-tuning ests.”

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