Stifel Affirms Buy on NVIDIA, $180 Price Target

Stifel analyst Ruben Roy reiterated a Buy rating and $180 price target on NVIDIA (NASDAQ: NVDA).

“NVDA beat F1Q expectations despite $2.5bn in unfulfilled H20 revenue.

Adjusted gross margin (excluding H20 related inventory and purchase obligation charges) of 71.3% was slightly above management guidance as well.

Looking ahead, F2Q revenue guidance of $45bn was better than feared, in our view and would have been $8bn higher if not for the H20 export restriction.

On an apples to apples basis, we believe that non-China DC revenue is on track to increase ~30% sequentially as the GB200 ramp progresses.

NVDA noted that GB300 systems began sampling in early May with a transition to production shipments later this quarter.

We expect a smooth transition to GB300 and, to that end, NVDA maintained its outlook for a recovery to mid-70s gross margins by fiscal year end.

We continue to expect a strong back half of F2026 as NVDA continues to benefit from the rapidly changing AI landscape. Reiterate Buy.”

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