Nvidia Stock Gets Votes of Confidence Ahead of Earnings

Nvidia will report quarterly earnings on Aug. 26. (Akio Kon/Bloomberg)

Key Points

• Nvidia shares rose ahead of its quarterly earnings report next Wednesday.
• Stifel and Oppenheimer analysts expect Nvidia to beat market expectations for the July quarter and raise its current-quarter estimates.
• Stifel analyst Ruben Roy reiterated a $282 price target on Nvidia, while Oppenheimer analyst Rick Schafer reiterated a $265 price target.

Nvidia earnings are less than a week away and Wall Street is enthusiastic about the chip maker’s prospects. Analysts are backing the stock to record major gains.

Nvidia shares were up 0.4% in premarket trading at $218.46 in premarket trading. The stock is up 17% this year so far through Wednesday’s close but still lags behind well behind the 66% gain in the PHLX Semiconductor Index over the same period.

Earnings next Wednesday might help finally close that gap. Stifel and Oppenheimer analysts both expect Nvidia to beat market expectations for the July quarter and raise its estimates for the current quarter.

Stifel’s Ruben Roy reiterated a price target of $282 on Nvidia shares in a research note this week, backing the company to beat consensus quarterly expectations of adjusted earnings of $2.09 a share on revenue of $91.96 billion. His target price is based on a price-to-earnings multiple of 22 times his forecast for the company’s fiscal 2028 earnings.

“Earnings season has consistently reinforced the demand case…as CSP [cloud service provider] capex was raised meaningfully,” Roy wrote. “We think that the other primary debates, memory cost and inference competition are likely to be expressed in gross margin rather than demand and, we believe, are partly reflected in the multiple.”

Meanwhile, Oppenheimer’s Rick Schafer reiterated a price target of $265 in a Wednesday research note, noting the company trades at just 16 times his forecast for the company’s 2027 earnings per share, compared with an average of more than 30 times for artificial-intelligence chip peers.

“Nvidia’s best-in-class margins and AI-driven structural growth make it the undisputed AI infrastructure leader. Annual upgrade cadence keeps Nvidia generations ahead of competitors. We remain long-term buyers,” Schafer wrote.

Nvidia was a Barron’s stock pick in May when shares traded around $226.

Write to Adam Clark at adam.clark@barrons.com

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