Stifel Keeps ‘Buy’ Rating and $212 PT on Nvidia

Stifel analyst Ruben Roy reiterated on August 28, 2025, a ‘Buy’ rating and $212 price target on Nvidia.

“NVDA reported modestly better than expected results driven by Gaming segment upside while DC revenue was lower than expected despite increasing 56% y/y and 5% q/ q.

While lack of 2Q DC segment upside appears to be an area of concern, NVDA’s F3Q revenue guidance of $54bn is above consensus with incremental q/q growth mostly driven by DC.

3Q guidance does not include China/H20 revenue although management noted the potential for $2bn – $5bn in H20 revenue if certain geopolitical issues reside.

Networking revenue appears to have hit an inflection point (+46% q/q, +98% y/y).

Gross margins were better than expected with further increase forecast for F3Q and reiterated expectations for mid-70’s gross margin exiting F2026.

Net-net, our longer-term thesis remains unchanged: Agentic AI/reasoning requires step function increases in compute and visibility into demand for AI infrastructure extends well into 2025.

We continue to view NVDA as best positioned to benefit.”

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