BofA Securities Maintains Buy on NVIDIA, $160 Price Target

BofA Securities analyst Vivek Arya reiterated a Buy rating and $160 price target on NVIDIA (NASDAQ: NVDA).

“We are publishing an updated FQ1 preview based on subsequent supply chain and investor discussions, and NVDA’s commentary at the recent Computex tradeshow related to the US government’s ban of H20 sales to China.

Specifically, we flag the disconnect between NVDA’s “$15bn in lost China sales” with the lower $10-$12bn recent revision in our/investors’ FY26/CY25E sales expectations, and even lower $3.8bn in consensus revisions.

In fact, depending on NVDA’s original timing of China shipments (1H weighted?) the disconnect could be magnified ($4-$5bn headwind) in FQ2.

Second, separate from the China impact, we await management’s confidence in GM recovery back to target mid-70s level in 2H (vs. consensus 73%/74% in FQ3/FQ4), as a sign of demand strength and Blackwell execution/rack-level product yields.

Despite these near-term headwinds we maintain Buy on NVDA, a top sector pick given its unique leverage to the global AI deployment cycle, and possibility for China sales recovery on new redesigned/compliant products later in the year.”

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