Nvidia sees bullish views at Loop Capital ahead of earnings results

Loop Capital reiterated its Buy rating on Nvidia (NASDAQ:NVDA) noting that Blackwell’s autumn ramp up expectations will carry the stock.

The firm has a $175 price target ahead of the AI chip giant’s first quarter (April) fiscal 2026 results on May 28.

Analysts led by Ananda Baruah said their work suggests that Nvidia’s April quarter print and July quarter guidance can be “good enough” versus Street to support the stock into what they believe is a second half of the calendar year 2025 materially stronger than Street.

The analysts added that should Nvidia’s July quarter guidance be softer than desired, they believe the stock can “look through it.”

The analysts believe Street remains materially low for CY2025/fiscal 2026. In addition, theirwork continues to indicate that CY2026/fiscal 2027 graphics processing unit, or GPU, demand is shaping up as over 8 million, up from over 6 million this year.

The analysts noted that their work for CY2025/fiscal 2026 does not include any impact from last week’s announced potential over 1 million GPUs to Middle Eastern entities, and it is not even clear if it includes an announcement from Elon Musk that a new xAI Data Center in Memphiswill be adding an another 1 million GPU’s in the next six to nine months.

Baruah and his team said their work suggests demand flow has remained strong through the April quarter among all the noise (New Product Ramps, Tariffs, Macro, and China Geopolitics among other things). In addition, the analysts noted that Nvidia “recognizes revenue on sell-in… and as such with demand constrained and waiting for system availability… we believe they have the opportunity to benefit from sell-in economics while having partners quickly move inventory in the following Q[quarters]”.

The analysts added that If July quarter guidance were to be softer than desired then a dynamic to keep in mind is that Neoclouds are navigating longer than typical system decision cycles as key Blackwell configurations are becoming available essentially “simultaneously.”

Neoclouds are cloud providers built mainly for AI and high-performance computing.