Mizuho Raises NVIDIA Price Target to $315
Mizuho analyst Vijay Rakesh raised the price target on NVIDIA (NASDAQ: NVDA) to $315 (from $300) while maintaining a Outperform rating.
“NVDA reported better JulQ rev/EPS of $96.2B/$2.22 and good OctQ guide to $108B.
Key points: 1) F28E guided up >70% y/y, we estimate to ~$700B (WELL ABOVE $574B consensus), with demand (up 100% y/y) and supply tight, as CPU revs up >100% y/y to we believe >$40B, 2) JulQ DC revs of ~$89B up 18% q/q with strong Blackwell Ultra ramps, with OctQ guided up 12% q/q, 3) Vera Rubin (VR) now shipping, potentially reaching ~20% of OctQ revs, But 4) OctQ GMs down 100bps q/q to 74%, bottoming in JanQ at 71-72% and settling at 72-73% for F28E (prior long-term target ~75%) with partial memory cost absorption.
Reiterate Outperform and raise PT to $315, at ~20x F28E P/E, as we see NVDA remaining the AI-GPU leader.”
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