KeyBanc Raises NVIDIA Price Target to $215

KeyBanc analyst John Vinh raised the price target on NVIDIA (NASDAQ: NVDA) to $215 (from $190) while maintaining an Overweight rating.

“We expect NVDA to report strong F2Q (Jul) results and guide F3Q (Oct) slightly below cons, as we expect NVDA’s outlook to exclude direct revenue from China given pending license approvals and uncertainty on timing.

If NVDA were to include China in its guidance, we believe it would contribute an incr $2-3B in revs, given H20 and the RTX6000D (B40).

We anticipate key earnings drivers to be: 1) Continued ramp of Blackwell (B200), where GPU supply grew 40% in F2Q and projected to increase another 20% in F3Q; 2) The ramp of Blackwell Ultra (B300) in F3Q; 3) Improving GB200 rack manufacturing yields, as we increase our CY25 GB rack shipment estimate to 30K, from 25K prior.

We’re increasing F2Q ests, but lower F3Q to exclude direct China revenue contributions and are raising FY27 ests to reflect higher GB rack shipments.

As such, we reiterate our Overweight rating and are increasing our PT to $215.”

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