NVDA Gets More Bullish Momentum Before Earnings

Core Viewpoint - Nvidia's upcoming earnings report is anticipated to be a significant market catalyst, with analysts projecting an adjusted EPS of $1.24 and revenue of nearly $55 billion for Q3 [1][2]. Analyst Sentiment - Analysts remain bullish on Nvidia despite recent price pullbacks, with Wells Fargo raising their price target to $265 from $220, maintaining an overweight rating, and expecting strong guidance for Q3 and Q4 [3][4]. - Morgan Stanley also increased their price target to $220 from $210, citing strong industry checks and a material acceleration in performance, particularly with the Blackwell ramp-up [5][6]. - Oppenheimer raised their price target to $265 from $225, expecting Q3 sales to meet consensus and projecting Q4 revenue of $61.5 billion with EPS of $1.42, driven by strong demand from hyperscalers [7][8]. Market Performance - Nvidia shares have increased over 35% year-to-date, despite a recent pullback, and have doubled in price in four of the last five years, indicating strong historical growth [8][9]. Competitive Landscape - There is a noted divergence between Nvidia's access to the Chinese market and the positions of major customers like Amazon and Microsoft, yet analysts continue to express optimism about Nvidia's prospects [10][11].