Citi lowered the firm’s price target on Nvidia (NVDA) to $163 from $175 and keeps a Buy rating on the shares ahead of the January quarter report on February 26. The firm is modeling in-line results for the January and April quarters and believe expectations are for $38B/$42.5B sales for the quarters, respectively, given supply chain indications for the Blackwell to ramp more meaningfully mid this year with some mix shift between GB200/300, the analyst tells investors in a research note. While noting that the stock has been range-bound since June 2024 due to declining gross margins, the firm says it expects gross margins to trough in the April quarter.
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