Jefferies Reiterates Buy on NVIDIA, $185 Price Target

Jefferies analyst Blayne Curtis reiterated a Buy rating and $185 price target on NVIDIA (NASDAQ: NVDA)

“Continued beat-and-raise momentum with $11B of Blackwell revenue coming in well above the “few billion” guidance, despite worry driven by the supply chain.

The better Blackwell ramp should help position the rest of the year better as we get more comfortable with the transition from Hopper to Blackwell.

The revenue crossover from Hopper to Blackwell is expected to occur in Q1 with Blackwell ultra (B300) expected to be available in the 2H.

The faster Blackwell ramp brought GMs below our expectations (low 70s), but this should revert as Blackwell ramps to full capacity (back to mid 70s) later in the year.

Networking was the only other place to pick at as the move to Blackwell and the move from IB to Ethernet (SpectrumX) led to another down quarter, but a return to growth is expected in Q1 as NVLink revenue from GB200 layers in.

Overall, the Blackwell supply ramp is the gating factor for revenue in the year with hyperscaler capex rising, and everything here points to a stronger-than-expected supply ramp.

The Jan/Apr transition gap is now crossed, and we see an easier road ahead with GTC as another positive catalyst.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.