Nvidia Earnings Report Outlook

As Nvidia (NASDAQ:NVDA) approaches another earnings report, analysts at Wedbush and Raymond James are reiterating their bullish stance on the stock, even amid concerns that high expectations could lead to short-term market volatility.

Despite potential constraints, any pullback could represent a buying opportunity.

In a note to clients Thursday, Wedbush stated that it sees Nvidia consistently exceeding forecasts, thanks to robust AI spending among hyperscale and non-hyperscale customers, which should continue into the next fiscal year.

The firm anticipates Nvidia will maintain its trend of beating estimates by around $2 billion. “We see no reason to shift our constructive opinion on NVDA in light of our outlook for a robust 2025,” Wedbush wrote, raising its price target from $138 to $160.

Raymond James shares this optimism, though notes that supply challenges could limit immediate upside.

“While demand is not an issue, NVDA’s B/S inventory (DoI) is at a 4-year low,” the firm commented, indicating that Nvidia’s complex new systems and extended cycle times may restrict Blackwell GPU shipments in the near term.

However, Raymond James expects Blackwell ramps to accelerate in the first half of 2025, boosted by strong demand for Nvidia’s Spectrum-X networking technology. The firm raised its price target from $140 to $170, viewing “any pullback due to high expectations as an opportunity.”

Both firms emphasize that Nvidia’s AI-driven growth remains well-supported, with hyperscale spending and datacenter demand expected to drive significant revenue gains into 2025.

Analysts maintain a positive outlook, underscoring that Nvidia’s long-term fundamentals remain intact despite potential near-term turbulence.