Wall Street analyst maps Nvidia's path past $200 ahead of earnings

Core Viewpoint - Nvidia is expected to report strong fiscal second-quarter 2026 earnings, with analysts projecting positive stock reactions and significant revenue growth [1][7]. Group 1: Analyst Ratings and Price Targets - Stifel analyst Ruben Roy reiterated a 'Buy' rating on Nvidia, raising the price target from $202 to $212, indicating a potential 19% upside from the last market close at $177 [1][4]. - UBS increased its price target from $175 to $205 while maintaining a 'Buy' rating, forecasting Nvidia to achieve $46 billion in quarterly revenue, exceeding consensus by approximately $1 billion [7]. - Evercore ISI raised its target from $190 to $214, reiterating an 'Outperform' rating, with expectations of 48% earnings per share growth in 2025 and 39% in 2026 [8]. Group 2: Demand and Supply Insights - Roy projected a beat-and-raise scenario for Nvidia, supported by the resumption of H20 shipments in July and increasing demand for the next-generation GB300 infrastructure [4]. - Supply chain checks indicate that GB300 orders are ramping up towards year-end, while demand for the current GB200 line remains robust [4]. Group 3: Competitive Position and Performance Expectations - Nvidia's leadership in AI infrastructure is emphasized, with the GB300 expected to deliver 50% higher FP4 performance than its predecessor, solidifying its status as the industry benchmark for complex workloads [6]. - Analysts are optimistic about Nvidia's ability to maintain strong performance despite potential risks, including concerns over hyperscaler spending and the impact of U.S. export restrictions to China [5].