De verwachtingen...
HERE'S WHAT WALL ST. IS SAYING AHEAD OF $NVDA Q3 EARNINGS
1. Stifel (Buy, PT: $180):
"NVDA is likely to report another beat/raise scenario driven by strong supply chain data and industry feedback. While near-term growth is anticipated, a more significant Blackwell-driven inflection is expected in April. We lift our FY26 outlook on confidence in both hyperscale spend and non-hyperscale adoption."
2. Truist Securities (Buy, PT: $167):
"Buy NVDA into earnings. We expect NVDA to deliver upside on CQ3 results and CQ4 guidance, acknowledge technical challenges with GB200 NVL72, and express confidence in CY25 due to robust backlog. Growth will shift towards data processing and physical AI. We raise our CY25 EPS estimate to $4.18 (from $3.69) and maintain a 40x P/E."
3. KeyBanc (Overweight, PT: $180):
"We expect strong F3Q results led by Hopper demand and modest F4Q guidance. Near-term challenges include China pushouts, Blackwell ramp constraints, and the shift to IFX as PMIC vendor, causing supply constraints. However, long-term risk/reward remains favorable due to generative AI growth."
4. BofA (Buy):
"While concerns about Blackwell’s high power configuration and AI scaling are valid, they are unlikely to derail NVDA’s CY25 momentum. AI demand is still in its early stages, and any operational disruptions are expected to be temporary. Keep an eye on margins, which must hit 73-74% to sustain FY26 EPS of $5+."
5. Morgan Stanley (Overweight, PT: $160):
"Investor conversations suggest modest near-term upside to guidance, but long-term confidence remains strong for Blackwell-driven growth. This is viewed as a transitional quarter, with Hopper possibly down slightly as Blackwell ramps up. Despite high expectations, we focus on CY25 strength."
6. Wedbush (Outperform, PT: $160):
"We anticipate a ~$2B beat on F3Q driven by AI spend and solid growth at non-hyperscale accounts. Confidence in Blackwell implementations and non-hyperscale momentum through CY25 leads us to raise FY26 estimates. We remain cautious on initial Blackwell shipments but see strong momentum heading into 2025."
7. Susquehanna (Positive, PT: $180):
"Better results and guidance expected as H100, H200, and Blackwell remain on track. AI demand continues to grow, supported by expanding hyperscale capex and sovereign AI projects. Supply improvements are mixed, with shorter lead times and lower aftermarket pricing for Hopper GPUs."
8. HSBC (Buy, PT: $200):
"NVDA’s datacenter momentum remains robust into FY26, with hyperscaler 2025 capex accelerating. We expect F3Q sales of $35.3B, beating consensus of $32.5B, with strong 4Q25 and 1Q26 sales growth. Blackwell supply chain concerns are easing, but expectations remain high."
9. Evercore ISI (Outperform, PT: $189):
"While near-term risks are balanced, we see positive indicators such as accelerating cloud bookings and upward hyperscale capex trends. Despite elevated expectations, we expect post-earnings upward revisions and view valuation as neutral at 37x P/E."
10. Jefferies (Buy, PT: $185):
"Expecting a beat and raise scenario with continued strength in AI and Blackwell ramp. Commentary from hyperscale customers remains bullish, but some Street estimates might overstate ASPs. We estimate ~$180-200B in FY26 datacenter revenue, slightly below buyside expectations of $205-215B."
11. Oppenheimer (Outperform, PT: $175):
"F3Q results and F4Q guidance will likely benefit from sustained AI accelerator demand. Blackwell ramps in F4Q, contributing low to mid-single-digit billions. China exposure remains at 12% of sales, with margins expected near 72%. NVDA is best positioned in AI with its full-stack hardware/software approach."
12. Raymond James (Strong Buy, PT: $170):
"Another strong quarter expected, driven by Hopper demand and early Blackwell ramps. Consensus expectations have risen, but supply constraints and gradual Blackwell ramps may temper near-term upside. We see strong demand accelerating through 2025 with opportunities in Spectrum-X GPU clusters."