UBS Reiterates Buy on NVIDIA, $235 PT
UBS analyst Timothy Arcuri reiterated on February 10, 2026, a ‘Buy’ rating and $235 price target on Nvidia.
“The Taiwan Ministry of Finance released January export data overnight, including Automatic Data Processing equipment (ADP).
ADP ex laptops was $22.6B, up 8% M/M from December’s $20.9B, well ahead of normal seasonal (-4% M/M).
The higher run rate in October ($22.2B vs. $14.1B in September) appears to have stabilized with little month-to-month variance in December and January. The full FQ4 now stands at $66.2B +25% Q/Q (after FQ3 was up +31%).
This is well ahead of the ~18% Q/Q growth we model for NVDA data center revenue, so while this data has decoupled with NVDA’s results in recent periods, Taiwan ADP exports would appear to support additional upside in the NVDA print.
We also recently highlighted SIA December data (see here) which came in above seasonal trends.
The next read will be TSMC January sales, likely to be out Friday.”
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