Shares of Nvidia (NVDA) fell more than 3% on Thursday after Wall Street analysts reiterated their bullish view of the chip giant ahead of a highly-anticipated earnings report next week.
Nvidia shares have risen more than 25% since early August.
KeyBanc’s John Bin was one of the latest Wall Street analysts to explain why the company is poised to beat high expectations in an Aug. 28 report.
“We believe Blackwell’s modest volume expectations for the third quarter were met by increased Hopper orders,” Vinh wrote in a recent note.
“We expect NVDA to report better-than-expected/upward results, with the upside being driven by strong demand for Hopper GPUs.”
The analyst reiterated a buy recommendation on the stock and a $180 price target.
Nvidia’s next-generation Blackwell chips are reportedly facing delays of up to three months, which could delay future orders and weigh on plans for major customers that account for about 40% of the company’s revenue, including Microsoft (MSFT), Meta (META), Google (GOOG, GOOGL) and Amazon (AMZN).
Citi analysts also reiterated their buy rating on the stock this week, predicting that “Blackwell’s comments should reassure investors about the positive outlook for 2025, sending the stock to a new 52-week high.” The analysts have a price target of $150 for the stock.
Goldman Sachs analysts also reiterated their buy rating on Nvidia, which is on the firm’s “conviction list.”
Wall Street remains positive on big tech companies’ spending on AI infrastructure, with Goldman Sachs recently stating that “customer demand across major cloud service providers and enterprises remains robust, and Nvidia’s strong competitive position in AI/accelerated computing remains strong.”
Analysts are forecasting Nvidia’s revenue to grow 112% in the latest quarter, slowing from the more than 250% growth the company recorded in the same quarter last year.
Nvidia shares have been a key driver of the market rebound in August, with the stock price recovering almost instantly from its August lows below $100.
The stock hit an intraday high of over $140 in June and closed at an all-time high of $135.58 on June 18. The majority of analysts are bullish on the AI chip giant, with 66 “buy” recommendations, 8 “hold” ratings, and 0 “sell” recommendations.
Ines Ferre is a senior business reporter at Yahoo Finance. Follow her on X at @ines_ferre.
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