Nvidia Q2 Earnings: $46.7B Revenue, $1.05 EPS - Analysts Lift Targets to $200-$250; Loop Sees 38% Upside

Nvidia (NASDAQ: NVDA) handed Wall Street another big quarter: adjusted EPS of $1.05 on $46.74 billion in sales, versus the LSEG consensus of $1.01 and $46.06 billion. The headline beat came with a caveat - data-center revenue missed estimates for the second quarter running - and the stock slipped about 1.9% in premarket trade.

Still, the reaction from major sell-side shops was mostly to lift their targets rather than throw in the towel. Here's a quick run-through of what the major houses changed and why they're still talking up the name.

Jefferies: Repeated its buy call and nudged the target to $205 (about 13% higher). Their takeaway: demand for Hopper and Blackwell is extremely strong, Blackwell Ultra is ramping which eases supply worries, and they see a credible path to north of $7 in EPS next year and $8+ in calendar‑2027.

JPMorgan: Stayed overweight and raised its target to $215, implying roughly 18% upside. The bank's view: Nvidia continues to execute across product lines and is positioned to capture the lion's share of incremental AI infrastructure spending over multiple years.

Bernstein: Kept an outperform rating and boosted its target to $225 (around 24% higher). Their note flagged that while guidance was a touch lighter than whispers, much of the softness looks tied to China-related dynamics - and the firm still sees a fast acceleration in Blackwell production next quarter.

Truist: Left the buy rating intact and pushed the target to $228 (about 25.6% upside). Management's long-term signals - Vera‑Rubin taped out for 2026, a management-endorsed ~50% growth view for next year, and a ~50% AI‑infrastructure TAM CAGR to 2030 - underpinned Truist's confidence and a higher CY26 EPS forecast.

Goldman Sachs: Maintained a buy and a $200 target. Goldman cautioned the stock may dip on an in-line quarter, but their model is largely unchanged: robust Hopper demand offsets a slower Blackwell ramp, and they're bullish on 2026 upside driven by hyperscaler spending plus new customer segments.

Citi: Kept its buy rating and lifted the target to $210. Their note emphasized upside to data‑center sales even if China remains constrained - select China customers have licenses but shipments weren't included in the guide, leaving a $2-5 billion per quarter swing as potential upside. Citi also bumped CY25/26 EPS estimates modestly.

Loop Capital: Stayed Buy and went aggressive with a $250 target, implying roughly 38% upside. Their math: hyperscaler and enterprise Gen‑AI compute spending could hit about $2 trillion by 2028, which, under their assumptions, points to a multitrillion‑dollar valuation for Nvidia.

KeyBanc: Kept an overweight rating and raised its target to $230 from $215. KeyBanc notes Nvidia trades at roughly 32x forward consensus EPS, and with CUDA‑driven barriers to entry plus dominant positioning in AI/ML workloads, they see limited near‑term competitive risk.

Context: NVDA has been one of the market's biggest stories - shares are up more than 35% year‑to‑date after more than doubling in 2024, and the company now accounts for roughly 8% of the S&P 500 by market cap. Analyst sentiment remains heavily skewed positive: of about 65 covering the stock, 21 rate it a strong buy and 37 rate it a buy, with a consensus target implying a bit more than 8.5% upside from recent levels.

The recurring themes across notes were familiar - strong end demand, room for Blackwell to accelerate, and China acting as an upside variable rather than baked‑in revenue. The debate now is less about whether Nvidia is a leader in AI silicon and more about timing: can supply and China shipments line up to meet these loftier payout scenarios?