Citi Maintains Buy on NVIDIA, $163 Price Target

Citi analyst Atif Malik reiterated a Buy rating and $163 price target on NVIDIA (NASDAQ: NVDA).

“NVDA Jan/Apr-Q sales of $39B/$43B were 3%/1% above our $38B/$42.5B preview.

Blackwell sales of $11B exceeded expectations (Citi $10B) as ramp seems to be on track now after hiccups last year and Nvidia expects strong growth in 2025.

Inference demand is accelerating post reasoning models like DeepSeek as long reasoning requires 100x more compute per task vs one shot inference.

Gross margin outlook was 170/80bps below Citi/Street on initial Blackwell mix but expected to exit mid 70’s late FY. We adjust FY26/27 EPS -1c/+35c and maintain TP of $163 or 35x FY26 EPS.

While GTC is typically a catalyst for the stock, overhang of potential new China restrictions, semis tariffs, and gross margins will likely keep the stock range bound in the near term.

For long-term investors willing to look through these concerns, valuation looks attractive at 23x CY26 EPS and stock offers an attractive entry point. Maintain Buy.”

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