Deutsche Bank Keeps Nvidia on ‘Hold’ Ahead of Q2 Earnings Report
Deutsche Bank analyst Ross Seymore reiterated on August 20, 2025, a ‘Hold’ rating and $155 price target on Nvidia.
“NVIDIA will report F2Q26 results after the market close on Wednesday, August 27th. A conference call to discuss results is scheduled at 5:00pm ET.
Heading into the F2Q26 report we expect a typical ~$2b beat vs. the midpoint of guidance ($45b), likely slightly ahead of DBe/Street at ~$46b (+4% q/q, +53% y/y), as the continued ramp of Blackwell (~$24b in F1Q revenues vs. ~$11b in F4Q revenues) offsets any China related concerns (~$8b in foregone revs in F2Q guide).
Looking forward, NVDA receiving a license to resume shipments to China should create upside to DBe of $50b revenue in F3Q (likely more included in Street’s ~ $53b), albeit with the timing of the shipment ramp and the ability to recapture the entirety of the ~$18b in “lost” annual revenue unclear.
In general, the inclusion of China AI GPU shipments into CY26 ests appears likely to yield a ~+10% increase to the current ~$6 range for DBe/Street, even including the 15% “license fee” the company is being required to pay to the US Government.”
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