TD Cowen Reiterates Buy on NVIDIA, $235 PT
TD Cowen analyst Joshua Buchalter reiterated on August 27, 2025, a ‘Buy’ rating and $235 price target on Nvidia.
“A largely lackluster set of results and guide by NVIDIA’s recent standards, with a mild beat in the print aided by Gaming upside plus expected Networking strength.
The guide likely failed to clear the ~$55B bar set by investors, though we think that bar is largely determined by NVIDIA’s history of a consistent ~$2B raise in recent quarters rather than any precise modeling.
Compute revenue declined sequentially (a first since the ChatGPT moment), though this was primarily a function of a ~$4B decline in H20 revenues.
Ex-H20, Compute would have grown ~12% Q/Q into JulQ… and is accelerating in the OctQ.
We don’t have major concerns as demand remains robust, Blackwell Ultra is transitioning smoothly, and Rubin was reiterated as on track.
That said, we think investors were looking for more upside to progress towards $7 EPS next year than we received.”
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