Nvidia price target upped at Truist, ahead of Q3 results

Nvidia (NASDAQ:NVDA) received a price target boost on Tuesday from Truist Securities ahead of the company’s third-quarter results, slated to be released after the close of trading on Wednesday.

Shares rose 1.4% in premarket trading.

“We expect NVDA will deliver upside vs. consensus in its CQ3 (Oct) results & CQ4 (Jan) guidance; acknowledge technical challenges in the GB200 NVL72 configuration; express confidence in CY25 owing to very robust backlog; and focus on the next drivers of growth after LLMs: data processing, and physical AI,” analyst William Stein wrote in a note to clients. Stein raised his price target to $167 from $148 and reiterated his Buy rating.

Nvidia is expected to earn $0.75 per share on $33.12B in revenue for the coming quarter, though the buy-side is expecting $34.5B in revenue, Stein added, citing a Truist survey. Revenue guidance for the coming quarter is expected to be $37B, while the buy-side is forecasting between $38B and $40B.

In addition, Stein said the recent report that Nvidia has dealt with overheating conditions in its GB200 NVL72 systems is “likely real,” despite pushback from some in the investment community. “Conversations with our industry contacts don’t precisely corroborate this latest data point, but they do reflect supply chain challenges around the production ramp,” Stein added.

“While we expect to hear Blackwell called out as a revenue generator in both CQ3 and ramping in CQ4, we believe any slippage in Blackwell will likely be replaced with Hopper, offering downside protection on revenue.”

Separately on Tuesday, Wells Fargo said Nvidia’s Blackwell line is in full production and “progressing smoothly.”