DA Davidson Reiterates Buy on NVIDIA, $250 PT
DA Davidson analyst Gil Luria reiterated on November 20, 2025, a ‘Buy’ rating and $250 price target on Nvidia.
“We reiterate our BUY rating and price target of $250 on NVIDIA following strong 3Q25 results that were underscored by a significant beat over top‑line expectations given demand for both Blackwell Ultra and Blackwell systems.
Management noted that they’re seeing heightened demand for Blackwell Ultra which now accounts for ~66% of Blackwell revenue, while the ramp for Rubin is on‑track for F2Q27.
NVIDIA reported total revenue of $57B in 3Q26, growing 63% Y/Y with data center revenue reaching $51.2B, growing 66%% Y/Y.
Management is continuing to see burgeoning demand for AI compute with notable announcements over the past few months including a 10GW partnership with OpenAI, 1GW partnership with Anthropic, collaboration with Intel on custom data center and PC products, and expanded relationships with the hyperscalers and neoclouds.
During the quarter, NVIDIA saw their latest Blackwell Ultra generation (GB300) become the leading architecture across their customer cohorts, accounting for 2/3 of Blackwell revenue in the quarter, with Blackwell (GB200) continuing to see strong demand.
Hopper sales in F3Q26 were ~$2B while H20 sales amounted to roughly $50M with no major sales given restrictions.
Furthermore, management also highlighted their seeing significant wins throughout their networking business, which is now an $8.2B business growing 162% Y/Y.”
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