Nvidia was able to clear another sky high earnings bar , with analysts left most impressed by one number: its Blackwell and Rubin chips sales guidance. The chipmaker’s earnings and revenue exceeded consensus estimates, sending the stock higher by more than 4%. Nvidia also reported $51.2 billion in data center sales, its most important business. This marked a 66% year-over-year rise and beat the $49.09 billion analysts polled by StreetAccount had predicted. The company’s Blackwell GPU momentum and revenue guidance for the current quarter had analysts expecting even more gains ahead. Nvidia said sales of its high-end GB300 chip now made up two-thirds of overall Blackwell sales, leading it to reiterate its previous guidance of $500 billion revenue from both Blackwell and Rubin chips going forward. “The most important element of the call was a reiteration of the prior $500bn Blackwell+Rubin guidance for CY25/26, that there is upside to that number since they can still book further revenue for CY26, and that the recently announced HUMAIN and Anthropic deals weren’t in the $500bn number, and therefore reflect upside,” wrote Stifel analyst Chris Caso. The company’s revenue guidance for the current quarter also lifted expectations among analysts. For its current quarter, Nvidia guided sales to be $65 billion. Analysts were expecting this figure to come in around $61.66 billion. “Nvidia’s order pipeline suggests demand will continue to outstrip supply in the near term, with Nvidia’s revenue ramp over the next several quarters largely being dictated by the rate and extent to which supply chain capacity can scale,” wrote JPMorgan analyst Harlan Sur. Here’s what analysts at some of Wall Street’s biggest shops had to say on the report. Deutsche Bank: hold rating, $215 price target The bank’s target implies about 15% upside from Nvidia’s Wednesday closing price of $186.52. “Overall, we remain very impressed with NVDA’s continued leadership in AI compute, networking, software and systems capabilities, with the gap vs peers appearing more likely to expand than contract. While we expect a positive reaction to tonight’s print/guide, and expect NVDA shares to have a positive bias thereafter, we continue to see the shares as fairly valued with our $215 P/T implying a ~23x P/E on CY27 ests that already embed ~85% revenue growth over the next two years.” Morgan Stanley: overweight, $235 Morgan Stanley’s forecast, up from $220, corresponds to upside of around 26%. “Nvidia continues to execute at a very high level, growing revenues sequentially by $10bn ($3bn above guidance), and guiding for another $8bn in January. With hundreds of billions of demand (and climbing) still yet to be served, we expect the stock to go higher as AI sentiment stabilizes.” UBS: buy, $235 “Odds are very high that EPS is up again substantially in C2027 (we now model ~$11 vs. Street ~$8.50) so on these numbers, it is very hard to see how this stock does not keep moving higher from here. Ultimately, the AI infrastructure tide is still rising so fast that all boats will be lifted, but NVDA seems to be actually tightening its grip on broadly enabling AI across modalities (text, video, etc..) and industries.” Goldman Sachs: buy, $250 Goldman Sachs’ target, raised from $240, calls for 34% upside going forward. “We reiterate our Buy rating as we continue to believe Nvidia has a sustainable model advantage over peers in AI training applications, we see significant upside to Street estimates, and we view valuation as relatively appealing at current levels.” JPMorgan: overweight, $250 JPMorgan hiked its price target from $215. “While the debate on AI spend over the longer term is certainly not settled, near-term momentum continues to build, and Nvidia is positioned to capture a significant majority of the incremental spend (as it has over the past ~3 years). We raise our forward estimates and increase our PT to $250 (from our prior PT of $215), and reiterate our OW rating.” Citi: buy, $270 Citi’s forecast, raised from $220, is 45% above Nvidia’s Wednesday closing price. “NVDA stock was +5% after market after guiding Jan-Q to $65B sales above market’s ~$63B expectations. With TSMC CoWoS wafer capacity now expected to grow to 1.2M next year, we see a path for Nvidia to accelerate + upside prior $500B+ 2025/26 data center sales as recent Anthropic and Middle East partnerships are incremental.” Barclays: overweight, $275 The bank’s price target, up from $240, was approximately 47% higher than Nvidia’s closing price on Wednesday. “The concerns will remain around the gating factors of demand into the next FY, but the company is striking a positive tone. We still believe that large cap quality will outperform and we like NVDA the best in our coverage.” Bank of America: buy, $275 “Reiterate Buy, top sector pick as AI demand continues to strengthen, supply is being well-managed, EPS estimates continue to be revised up, while the stock’s valuation (~25x CY26E – essentially a market multiple) remains compelling given potential for 40%+ EPS growth rates. … Overall, we raise FY27/28 EPS (roughly CY26/27) by 5%/6% to $7.40/$9.70, with potential upside if all orders were to materialize into sales.”
