Nvidia (NVDA) stock fell as much as 3% on Thursday as Wall Street analysts reiterated their bullish views of the chip giant ahead of its highly anticipated earnings report next week.
Nvidia stock has gained nearly 30% since early August.
KeyBanc’s John Vinh was amongst the most recent Wall Street analysts to stipulate why the corporate must be poised to beat lofty forecasts in its report on Aug. 28.
“We consider modest expectations for Blackwell shipments in FQ3 have been backfilled with higher Hopper bookings,” Vinh wrote in a recent note.
“We expect NVDA to report beat/raise results, by which upside can be driven by strong demand for Hopper GPUs.”
The analyst reiterated a Buy rating on the stock with a price goal of $180.
Nvidia’s next-generation Blackwell chips were reported to be facing delays of up to 3 months, potentially pushing out future orders and weighing on plans from key customers like Microsoft, (MSFT) Meta (META), Google (GOOG, GOOGL), and Amazon (AMZN), which collectively account for about 40% of the corporate’s revenue.
Citi analysts also reiterated their Buy rating on the stock this week, writing that they expect “Blackwell comments [from Nvidia] to reassure investors on a robust 2025 outlook, and [the] stock to make fresh 52 week high.” The firm’s analysts have a $150 price goal on the stock.
Goldman Sachs analysts recently reiterated their Buy rating on the stock, which also sits on the firm’s “Conviction List.”
Wall Street stays positive on Big Tech’s AI infrastructure spending, with Goldman Sachs recently saying it believes “customer demand across the massive Cloud Service Providers and enterprises is powerful and Nvidia’s robust competitive position in AI/accelerated computing stays intact.”
Analyst forecasts have Nvidia’s revenue set to grow 112% in its latest quarter, though this might mark a slowdown from the over 250% growth seen by the corporate in the identical quarter last 12 months.
Nvidia shares have been a significant driver of the August market rebound because the stock roared back roughly from its August low, when it fell below $100.
Shares last touched an intraday high north of $140 in June, closing at an all-time high of $135.58 on June 18. The vast majority of analysts are bullish on the AI chip heavyweight, with 66 Buy recommendations, eight Hold rankings, and 0 Sell recommendations.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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