Bernstein Raises NVIDIA Price Target to $185

Bernstein SocGen Group analyst Stacy Rasgon raised the price target on NVIDIA (NASDAQ: NVDA) to $185 (from $175) while maintaining an Outperform rating.

“There was tremendous angst going into these results around what NVIDIA management might say regarding outlook given a substantial amount of supply chain noise and worries over the company’s ability to ramp Blackwell.

However, we might actually characterize the print as relatively quiet, and it seems like they are through the worst of the ramp issues, with all Blackwell configurations now in full production across the board.

Gross margins at 71% might be a minor nitpick, but we won’t argue that getting product out the door should be the primary consideration at the moment given demand seemingly remains off the charts, and the company still sees them coming back into the mid-70’s range by year-end.

And overall the secular story around that demand seems as robust as ever as the market moves from pre-training to a post-training world, with management remaining bullish that compute requirements are only growing stronger from here.”

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