Citi Reiterates Buy on NVIDIA, $190 PT

Citi reiterated on July 15, 2025, its ‘Buy’ rating on Nvidia, with a $190 price target.

“NVIDIA mentioned on its blog yesterday that it is filing applications to sell the NVIDIA H20 GPU in China again.

The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon.

Moreover, NVIDIA also announced a new, fully compliant NVIDIA RTX PRO GPU.

We believe China sales impact has been in the $4-5B range and NVIDIA has previously talked about China being a $50B market.

While US/China has patched up recently post EDA ban removal and a rare earth magnets deal, we believe this reversal could be part of the deal too. We believe investors should take a “wait and see” approach before adding China contribution back to their models.

That said, China is an important market for NVIDIA in gaming and networking and it helps to sell some compute chips.”

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