Evercore ISI Maintains Outperform on NVIDIA, $190 Price Target

Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $190 price target on NVIDIA (NASDAQ: NVDA)

“We continue to view NVDA as a top pick post a JanQ 5% EPS beat and AprQ 1% outlook raise with bullish comments on Blackwell ramp and demand outlook.

Importantly, Blackwell revs of $11bn in the JanQ were well above expectations, and mgmt. made the case for excellent visibility in CY25.

Lower GMs were the fly in the ointment, but the company expects them to bounce back to mid-70% range by EoY.

Blackwell accounted for 34% of Data Center Compute revenues, ahead of our estimates despite some concerns around potential delays.

NVDA highlighted Blackwell’s flexible architecture and superior reasoning AI model inference performance (25x higher token throughput and 20x lower cost versus H100) for LLMs and MoE models.

Our channel checks cited programmable nature of NVDA’s GPUs to remain an advantage for rapidly evolving AI compute needs.”

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