NVIDIA (NVDA) PT Raised to $220 at Rosenblatt

Rosenblatt analyst Hans Mosesmann raised the price target on NVIDIA (NASDAQ: NVDA) to $220.00 (from $200.00) while maintaining a Buy rating.

The analyst comments "Nvidia delivered a solid beat and raise for the October quarter and January quarter outlook on stronger than expected Hopper demand, with a Blackwell supply ramp that will be greater than expected (sold out for the next several quarters). Hopper guide suggests a down q/q January quarter on a cycle that extended beyond expectations. Several puts and takes to consider, including Blackwell “issues” related to power are overblown, networking weakness in October related to Blackwell timing ($billions in the January quarter from zero), gaming outlook constrained (we see as Nvidia prioritizes Blackwell/Hopper wafers), and GM pressure for next 2-3 quarters (extending a bit longer into FY26 into low 70’s%) on a highly complex infrastructure ramp with multiple configurations (x86/Grace, Infiniband/Ethernet, air/liquid racks, etc.). Net/Net - 1) Quarter and outlook delivered; 2) Blackwell demand profile is better for 2025; and 3) speculation of “power” issues plaguing the new ramp are discounted, which trumps the near-term networking air-pocket, gaming constraints (AMD will gain here), and GM trajectory for a few quarters to return to mid-70’s%. We reiterate our Buy rating and increase our 12-month price target from $200 to $220 based on ~44x P/E multiple to our FY27 EPS."

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