RBC Capital reiterated an Outperform rating and $240 price target on Nvidia (NVDA) shares ahead of its fourth quarter earnings report. The firm is looking for a 3%-4% beat/raise and expects management to talk-up and/or raise prior $500B+ backlog number for 2025/2026. On gross margin, RBC Capital feels comfortable despite surging memory prices as the firm believes Nvidia already locked in 2026 high-bandwidth memory pricing. RBC cited Blackwell-trained frontier model launches and GPU Technology Conference as potential catalysts.
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