Needham Reiterates Buy on NVIDIA, $200 PT

Needham analyst Rajvindra Gill reiterated on August 28, 2025, a ‘Buy’ rating and $200 price target on Nvidia.

“NVIDIA delivered a F2Q26 beat, and F3Q26 revenue was in line with no China H20 revenue.

Our key takeaways include:

1) No H20 China sales occurred in F2Q26, and none are assumed in F3Q26 guidance.

If geopolitical issues are resolved in the near-term, management believes it could ship $2-5BN of H20 in F3Q26, with potential upside if additional licenses are granted.;

2) All six of the Rubin chips are in the fab, and we believe Rubin is on track for deployment in C2H26;

3) Blackwell related products, spanning compute and networking, grew +17% Q/Q and Blackwell Ultra generated “tens of billions in revenue”.

Networking grew +46% Q/Q, much stronger than anticipated;

4) Open source models are increasing enterprise AI adoption. Our PT remains $200, based on a ~27x P/E multiple of our new FY28/CY27 NG EPS estimate of $7.40.”

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