KeyBanc raised the firm’s price target on Nvidia (NVDA) to $215 from $190 and keeps an Overweight rating on the shares. KeyBanc expects Nvidia to report “strong” Q2 results, with guidance for Q3 slightly below consensus estimates, as the outlook should exclude direct revenue from China given pending license approvals and uncertainty on timing, the analyst tells investors in a research note. Key earnings drivers likely include the continued ramp of Blackwell, the ramp of Blackwell Ultra in Q3, and improving GB200 rack manufacturing yields, the firm says.
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