Nvidia Corporation (NASDAQ:NVDA) analysts are highlighting the company's growth in the second quarter and pending opportunity as China regulations become clear.
- KeyBanc analyst John Vinh maintained an Overweight rating on Nvidia and raised the price target from $215 to $230.
- Wedbush analyst Dan Ives maintained an Outperform rating with a $210 price target.
- JPMorgan analyst Harlan Sur reiterated an Overweight rating and raised the price target from $170 to $215.
- Rosenblatt analyst Kevin Cassidy maintained a Buy rating and raised the price target from $200 to $215.
- Goldman Sachs analyst James Schneider maintained a Buy rating with a $200 price target.
- Needham analyst Quinn Bolton maintained a Buy rating with a $200 price target.
- Benchmark analyst Cody Acree reiterated a Buy rating and raised the price target from $190 to $220.
- Cantor Fitzgerald analyst C.J. Muse maintained an Overweight rating with a $240 price target.
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KeyBanc: Data Center segment revenue missing estimates was one of the key takeaways from the earnings report for Vinh.
Vinh highlighted the company's guidance, which doesn't include shipments to China.
"F3Q guidance is solidly above," Vinh said.
Management estimates between $2 billion to $5 billion of H20 inventory shipped to China "if geopolitical issues dissipate."
"NVDA continues to see a ~$50B China market TAM this year, with expectations for ~50% annual growth thereafter."
Wedbush: Robust demand for Blackwell shows Nvidia's position in the AI sector, Ives said in a new investor note.
"With all eyes on the Street watching, the Godfather of AI Jensen and Nvidia delivered another robust quarter," Ives said.
Nvidia's guidance was stronger than expected with "demand continuing to outstrip supply for the new oil and gold of the AI revolution,” Ives said.
Nvidia also beat expectations with no shipments to China in the quarter. The company has supply ready to be shipped to China "when the current geopolitical situation clears up," Ives added.
Ives highlighted the company's goal of 50% growth in China.
"This speaks to the massive eye-popping opportunity coming out of China for Nvidia with a new pay for play model reopening the all-important China market for Nvidia."
Ives said Nvidia is the "only game in town fueling this 4th Industrial Revolution" with the company on their way to a $5 trillion market capitalization by early 2026.
JPMorgan: The ramp of Blackwell and Networking strength highlighted the second quarter results. H20 upside is likely coming, Sur says.
"We see a sufficient ramp in the supply chain for Blackwell/Blackwell Ultra rack volumes to comfortably support the incremental ~$5B of Compute revenue implied by NVDA's guide," Sur said.
The analyst said Nvidia's demand continues to outstrip supply.
"The playbook remains the same here for NVDA – a solid beat and raise with multiple levers at play to drive upside."
Rosenblatt: The second quarter showed robust demand for Nvidia units, Cassidy said in a new investor note.
Cassidy highlighted Nvidia's Networking revenue up 46% quarter-over-quarter and up 98% year-over-year. The analyst also highlighted the company's product map being on track into fiscal 2027.
"We see this annual road map as important for coordinating the next leap in compute performance with large customers' plans for new data centers," Cassidy said.
Goldman Sachs: The second quarter saw in-line results against elevated estimates, Schneider said in a new investor note.
"We see meaningful upside heading into 2026," Schneider said.
The analyst highlighted the company's diversifying revenue with sovereign customers expected to be a $20 billion revenue opportunity this year, more than double the 2024 amount.
Needham: The ramp of Blackwell and the belief that Rubin is on track for deployment in the second half of 2026 are highlights for Bolton from the quarterly results.
"As Rubin will be the company's 3rd generation NVLink scale AI supercomputer, the company anticipates to have a stronger supply chain" Bolton said.
The analyst highlights Nvidia stock having an attractive valuation, favorable risk/reward profile and superior balance sheet.
"We believe data center, the end-market that we view as NVDA's biggest growth engine, is experiencing a recovery as hyperscaler sales have ramped the past few quarters."
Benchmark: A strong Blackwell ramp helps offset modest upside and high expectations with no China revenue in guidance, Acree said.
"We view NVDA's results as encouraging and consistent with its expected growth drivers across the AI infrastructure landscape," Acree said.
Acree said Street estimates had become "overly optimistic" recently, making 56% year-over-year growth seem "somewhat disappointing."
"We believe NVDA deserves to trade with a forward multiple at some level relative to its earnings growth rate, which we're expecting to be 50% and 43%, respectively in FY26 & FY27."
The analyst said the second quarter results show that there is no slowdown in AI interest or investments.
Cantor Fitzgerald: When it comes to investing in Nvidia's earnings and guidance, "don't worry about a thing," Muse said.
The analyst said Nvidia is sold out of Blackwell.
"Very importantly, the Blackwell Ultra ramp is just getting started, and we continue to see NVDA on a path to ship 5.5M GPUs in CY25," Muse said.
The analyst said Nvidia continues to be the platform of choice for AI.
Price Action: Nvidia stock is down 0.9% to $179.92 on Thursday versus a 52-week trading range of $86.62 to $184.48. Nvidia stock is up 30.1% year-to-date in 2025.
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