Stifel Maintains Buy on NVIDIA, $250 Price Target

Stifel analyst Ruben Roy reiterated a Buy rating and $250 price target on NVIDIA (NASDAQ: NVDA).

“NVDA reported better than expected results with revenue of $57bn (+62% y/y, +22% q/q) driven by strength in DC Compute and Networking which, combined, increased to $51.2bn (+66% y/y, +25% q/q).

NVDA’s Blackwell ramp is fully underway with GB300 now ~2/3 of the overall Blackwell mix.

Networking revenue of $8.2bn (+162% y/y, +13% q/q) now represents 16% of overall DC mix, up from 10% in the year‑ago quarter. Adj. gross margin of 73.6% was slightly above guidance.

Looking ahead, NVDA forecasts 4Q revenue of $65bn (+65% y/y, +14% q/q) and gross margin of 75% (achieving a mid‑70% FY exit rate).

Expenses are increasing meaningfully (opex +19% q/q) as NVDA continues to invest against the multi‑trillion‑dollar AI infrastructure build‑out.

Our fundamental thesis is unchanged: AI infrastructure demand continues to grow (“clouds are sold out”) and NVDA remains best positioned to benefit. Modestly raising estimates, reiterate Buy.”

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