UBS Reiterates Buy on NVIDIA, $180 Price Target

UBS analyst Timothy Arcuri reiterated a Buy rating and $180 price target on NVIDIA (NASDAQ: NVDA).

“The Taiwan Ministry of Finance released April export data overnight, including Automatic Data Processing equipment (ADP).

ADP ex laptops was $13.25B, +10.2% M/M from March’s $12.03B, coming in largely above seasonal growth (+2.6% M/M) and marking the fifth straight month of sequential increases.

As a result, the 3-month period correlating to NVDA’s FQ1 (April) was up ~63% Q/Q – the largest Q/Q increase in over a decade and well above the ~16% Q/Q growth we model for NVDA data center revenue.

Although unclear to what extent this reflects tariff pull-ins rather than underlying strength, we express caution on the positive read-through for NVDA as the data has not been predictive over the past several Qs and continues to decouple by as much as mid-teens in either direction in recent years.

An additional read through will come when TSMC reports April sales.”

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