Oppenheimer raised the firm’s price target on Nvidia (NVDA) to $265 from $225 and keeps an Outperform rating on the shares ahead of quarterly results. The firm sees upside to consensus Q3 sales/EPS $54.7B/$1.25 and Q4 $61.5B/$1.42 led by new GB300 Ultra. CSP/hyperscalers continue to upside capex reflecting insatiable AI appetite. Nvidia rack-scale NVL72 remains AI’s go-to performance/watt leader, Oppenheimer adds. NVL72 supply remains tight as backlog grows. The firm believes exponential growth drivers including reasoning and agentic AI are creating an adoption flywheel. China, over $50B opportunity, remains out of the model for now, Oppenheimer notes.
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