Nvidia risk/reward ‘compelling’ into earnings, says Goldman Sachs

Goldman Sachs analyst Toshiya Hari reiterates a Buy rating on Nvidia with a $135 price target ahead of the company’s Q2 report on August 28. The shares are also on Goldman’s Conviction List. While the reported delay in Blackwell could lead to some near-term volatility in fundamentals, management commentary, coupled with supply chain data points over the coming weeks, should lead to higher conviction in Nvidia’s earnings power in 2025, the analyst tells investors in a research note. The firm believes customer demand across the large cloud service providers and enterprises is strong and Nvidia’s “robust” competitive position in accelerated computing remains intact. Goldman believes the setup for Nvidia is constructive with a “compelling” risk/reward on potential for positive earnings revisions.