UBS Reiterates Buy on NVIDIA, $205 PT

UBS analyst Timothy Arcuri reiterated on August 28, 2025, a ‘Buy’ rating and $205 price target on Nvidia.

“There was some noise and a few things to pick at, but against the stock having been up >30% since last earnings, we think the company threaded the needle pretty well in terms of guidance & commentary and we are making only very minimal changes to estimates and no change to our $205 PT and Buy rating.

Yes, guidance was maybe a touch below some investor’s expectations, but commentary also suggested that there could be a $2-5B/Q upside relief valve pending codification of the mechanics around the 15% fee for the license to ship H20 back into China.

In addition to the China situation, the GB200/300 rack transition is still also creating some remnant noise as Blackwell revenue grew much less than expected and balance sheet inventory (particularly finished goods) spiked higher.”

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