Nvidia to ‘trade down modestly’ after in-line Q2, Goldman Sachs

Goldman Sachs keeps a Buy rating and $200 price target in a “First Take” note on Nvidia (NVDA) after its Q2 results. The stock should trade down modestly following an in-line quarter and guidance against a backdrop of elevated expectations heading into the call, the analyst tells investors in a research note, adding that = the upside from Blackwell ramp has already been largely contemplated in the Street estimates. On the earnings call, investors will focus on commentary on customer demand and any supply chain constraints, visibility into 2026 revenue and the Rubin product launch, incremental details on Nvidia’s China business, and gross margin trends, the firm added.