Evercore ISI Reiterates Outperform on NVIDIA, $190 Price Target

Evercore ISI analyst Mark Lipacis reiterated an Outperform rating and $190 price target on NVIDIA (NASDAQ: NVDA).

“Still a Top Pick Post AprQ Report. We continue to view NVDA as a top pick post a 9% AprQ EPS beat and JulQ EPS outlook that was 1% below consensus.

Our sense is that investor concern has centered on concerns of Blackwell chip/system delays, hyperscaler CapEx digestion period, and competitive threats from ASICs.

We think NVDA addressed these concerns on its earnings call, namely that 1) its DC business grew by 73% YY, 2) Blackwell system yields are improving and accounted for 70% of DC revs, 3) Major hyperscalers are deploying on average 72,000 Blackwell GPUs per week, and 4) its nextgen Blackwell, GB300, should ramp production later this quarter.

These are consistent with our own checks (note here) that hyperscalers are not slowing down CapEx, they want larger LLMs, demand is increasing from Tier 2 CSPs both domestically as well as internationally, and NVDA remains the AI ecosystem of choice.”

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