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富国银行看好英伟达(NVDA.US)H20芯片需求支撑Q2业绩 上调目标价至220美元
智通财经网·2025-08-11 13:42

Core Viewpoint - Wells Fargo raised Nvidia's target price from $185 to $220, maintaining an "overweight" rating due to strong demand data and positive reports regarding the restoration of H20 chip sales licenses to China [1] Group 1: Earnings Expectations - Wells Fargo increased its Q2 earnings forecast for Nvidia to $48.2 billion (EPS of $1.06), surpassing Nvidia's previous guidance of $45 billion (±2%) and the bank's earlier estimate of $45.8 billion (EPS of $1.00) [1] - The revision reflects a significant increase in data center revenue expectations, raised from $40.7 billion to $43.1 billion, exceeding both Wells Fargo's prior forecast and Wall Street's consensus of $41.1 billion [1] Group 2: Market Insights - The potential breakthrough in the Chinese market is seen as an additional support for Nvidia's growth amid the expanding demand for AI computing power [1] - Goldman Sachs analyst James Schneider believes Nvidia is likely to deliver "better-than-expected results and raise guidance," raising the target price from $185 to $200 while maintaining a "buy" rating [1] Group 3: Key Focus Areas - Investors should focus on performance guidance, particularly the progress of the Blackwell chip production in the second half of the year and the development of the next-generation Rubin chip architecture planned for 2026 [2] - The timeline for the H20 chip, which complies with U.S. export control requirements, is crucial for assessing Nvidia's resilience in the Chinese market [2] - The trend in gross margins is another key area of interest, especially regarding the company's ability to release profit margins by managing H20 chip inventory [2]