16 Feb 2026 20:54:33 ET | 18 pages # NVIDIA Corp (NVDA.O) # Preview – Investors Looking Past Earnings to GTC 2026 ## CITI'S TAKE NVIDIA reports Jan-Q earnings on 2/25. We model Jan-Q sales of $67B above Street $65.6B and expect Apr-Q guide of $73B vs Street $71.6B. We expect continued strong ramp of B300 with Rubin launch to drive a 34% H/H acceleration in CY2H26 sales vs 27% in CY1H26. We believe most investors are looking past the earnings to annual GTC conference in mid-March for NVIDIA to talk about inference roadmap using Groq's low latency SRAM IP and provide an early outlook for 2026/27 AI sales. We expect FY27 GM outlook of ~75% and assume high-30% opex growth or same as FY26. We recommend investors add to NVDA as valuation looks attractive with the stock likely to outperform in 2H26 as demand visibility extends into 2027. We lift our FY25/26/27E EPS ~1% and maintain our target price of $270 on consistent P/E of 30x CY27E EPS. Maintain Buy. Key Investor Topics — a) Higher component costs impact to expected mid 70s gross margins; b) updates on Anthropic/OpenAI investments; c) inference competition, and d) impact of the Groq licensing agreement on NVIDIA's product roadmap. Market Concerns on AI Froth — While rising capex levels among U.S. hyperscalers continue to raise concerns among investors, Citi believes these investments will deliver long-term returns as these investments reaccelerate industry revenue and earnings growth, economies of scale, and platform stickiness. Aggregate U.S. hyperscaler cloud revenues accelerated 5pts QoQ and reached $81.7B in Q4, after +2pts in Q3 with the incremental YoY $ growth coming from the continued demand for AI infrastructure and solutions, particularly inference. Increased Competition on Inference is Natural — We expect the inference market to be more diversified in nature, leaving room for more optionality in model size and specificity in 2026. Therefore, by nature we expect room for a variety in AI accelerator usage. That said, at a system level, we expect NVIDIA to continue to be the leader across both training and reasoning focused inference workloads, and rely on MLPerf as the best apples-to-apples comparison metric for AI accelerators. Maintain ~75% GM in 2026 despite memory price increases — We model NVIDIA to maintain ~75% gross margins on supply chain scale and ability to pass along higher costs to customers given the strong demand for its products.
EPS (US$)Q1Q2Q3Q4FYFC ConsVA Cons
2025A0.61A0.68A0.81A0.89A2.99A2.99A2.99A
2026E0.81A1.04A1.30A1.55E4.70E4.68E4.71E
Previous0.81A1.04A1.30A1.49E4.64Enana
2027E1.68E1.86E2.15E2.48E8.17E7.72E7.74E
Previous1.66E1.84E2.13E2.46E8.10Enana
2028E2.49E2.53E2.56E2.57E10.16E9.97E9.71E
Previous2.47E2.51E2.54E2.55E10.08Enana
Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus. Click $ \underline{\text{here}} $ for Visible Alpha consensus data ## Buy
Price (13 Feb 26 16:00)US$182.81
Target priceUS$270.00
Expected share price return47.7%
Expected dividend yield0.0%
Expected total return47.7%
Market CapUS$4,442,200.00
## Price Performance
(RIC: NVDA.O, BB: NVDA US)
Image
Atif Malik $ ^{AC} $ +1-415-951-1892 atif.malik@citi.com Papa Sylla +1-212-816-9476 papa.sylla@citi.com ## See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are available only on Citi's portals. ---
NVDA.O: Fiscal year end 31-Jan
Profit & Loss (US$m)202420252026E2027E2028E
Sales revenue60,922130,497214,885359,020471,531
Cost of sales-16,621-32,638-62,122-89,287-115,759
Gross profit44,30197,859152,763269,733355,773
Gross Margin (%)72.775.071.175.175.5
EBITDA (Adj)38,40787,624134,583245,036318,286
EBITDA Margin (Adj) (%)63.067.162.668.367.5
Depreciation-1,454-1,810-2,729-3,110-3,275
Amortisation-54-54-54-54-54
EBIT (Adj)37,13486,789136,576246,523319,809
EBIT Margin (Adj) (%)61.066.563.668.767.8
Net interest6081,5392,0842,1542,154
Associates00012
Non-Op/Except/Other Adj-3,924-4,302-1,970-2,961-4,198
Pre-tax profit33,81884,026136,690245,717317,767
Tax-3,727-11,146-21,703-41,772-54,020
Extraord/ /Min.Int./Pref.div.00000
Reported net profit30,09172,880114,987203,946263,747
Net Margin (%)49.455.853.556.855.9
Core NPAT32,64474,261115,511207,172267,978
Per share data202420252026E2027E2028E
Reported EPS ($)1.212.944.688.0410.00
Core EPS ($)1.312.994.708.1710.16
DPS ($)0.160.160.160.160.16
CFPS ($)1.142.583.957.019.91
FCFPS ($)1.102.453.686.599.37
BVPS ($)1.743.245.2310.8118.05
Wtd avg.ord shares (m)24,69324,55524,42625,19126,214
Wtd avg diluted shares (m)24,93324,80524,58825,35226,382
Growth rates202420252026E2027E2028E
Sales revenue (%)125.9114.264.767.131.3
EBIT (Adj) (%)310.8133.757.480.529.7
Core NPAT (%)290.2127.555.579.429.4
Core EPS (%)292.4128.756.974.024.3
Balance Sheet (US$m)202420252026E2027E2028E
Cash & cash equiv.25,98443,21075,778182,074363,798
Accounts receivables9,99923,06539,28864,19971,992
Inventory5,28210,08021,78135,69939,192
Net fixed & other tangibles15,84125,48024,61834,24546,576
Goodwill & intangibles5,5425,9956,0945,9876,013
Financial & other assets3,0803,7712,9792,8392,817
Total assets65,728111,601170,539325,042530,389
Accounts payable2,6996,3109,49515,56217,084
Short-term debt1,2500999999999
Long-term debt9,57812,70814,16214,16214,162
Provisions & other liab9,22313,25617,37017,89817,959
Total liabilities22,75032,27442,02548,62150,205
Shareholders’ equity42,97879,327128,514276,421480,184
Minority interests00000
Total equity42,97879,327128,514276,421480,184
Net debt (Adj)-15,156-30,502-60,617-166,913-348,637
Net debt to equity (Adj) (%)-35.3-38.5-47.2-60.4-72.6
For definitions of the items in this table, please click here.
Valuation ratios202420252026E2027E2028E
PE (x)na61.138.922.418.0
PB (x)na56.435.016.910.1
EV/EBITDA (x)na50.432.717.713.1
FCF yield (%)0.61.32.03.65.1
Dividend yield (%)0.10.10.10.10.1
Payout ratio (%)125322
ROE (%)92.5119.2110.6100.769.7
Cashflow (US$m)202420252026E2027E2028E
EBITDA34,48083,318132,607241,274313,488
Working capital-3,723-9,383-20,014-32,092-9,681
Other-2,335-9,844-15,397-31,355-42,365
Operating cashflow28,42264,09197,197177,828261,442
Capex-1,068-3,236-6,770-10,771-14,146
Net acq/disposals-8,563-16,070-6,654-6,457-9,479
Other-971-1,115-12,009-3,878-4,831
Investing cashflow-10,602-20,421-25,433-21,105-28,456
Dividends paid00000
Financing cashflow-13,634-38,639-53,697-50,425-51,259
Net change in cash4,1865,03118,067106,297181,727
Free cashflow to s/holders27,35460,85590,427167,057247,296
--- ## Jan-Q Earnings Preview ### 1. Earnings preview We revise up our Jan-Q estimates from prior $65B following stronger-than-expected demand for Blackwell showcased by optical networking companies' aggregate AI sales outperformance over the Jun/Dec-2025 timeframe (see Figure 2). We model ~$1.5B upside in Jan-Q with sales reaching $67.1B vs. Street's $65.6B. Going into Apr-Q, we expect a 9% QoQ sales uptick to $73B (Street $71.6B). We expect a continued strong ramp of B300 as foreshadowed by the faster-than-expected ramp of 1.6T transceivers. We model data center sales in Jan-Q/Apr-Q to grow sequentially +20%/+10% QoQ vs. Street +17%/+10%. We expect NVIDIA to hold Apr-Q GM% of ~75%, OpEx to increase to ~$5.3B or +8% Q/Q assuming high 30% OpEx growth in FY27 or same as FY26. Investor focus is on: a) higher component costs impact on expected mid 70s gross margins; b) details on Anthropic/OpenAI investments; c) increasing competition on inference; and d) impact of the Groq licensing agreement on NVIDIA's product roadmap.
Figure 1. NVDA Jan-Q Earnings Preview
F4Q26E- JanGuidanceCitiStreet
Revenue ($M)$65,000 +/- 2%$67,074$65,582
Sequential growth14%18%15%
EPS (non-GAAP)$1.54$1.52
Gross Margin (non-GAAP)75% +/- 50bps75.0%75.2%
OpEx (non-GAAP, $M)$6,700; FY26 High 30%$4,953
Operating Margin (non-GAAP)67.6%67.3%
Tax rate17% +/- 1%17%
F1Q27E- AprGuidanceCitiStreet
Revenue ($M)$73,013$71,603
Sequential growth9%9%
EPS (non-GAAP)$1.67$1.67
Gross Margin (non-GAAP)75.0%74.9%
OpEx (non-GAAP, $M)$5,345
Operating Margin (non-GAAP)67.7%74.0%
Tax rate16.9%
---
Figure 2. AI Optics Sales and NVIDIA Data Center Revenue Correlation
Image
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Company Reports, FactSet ### 2. Market concerns on AI froth While rising capex levels among U.S. hyperscalers continue to raise concerns among investors, Citi believes these investments will deliver long-term returns as these investments reaccelerate industry revenue and earnings growth, economies of scale, and platform stickiness. Enterprise adoption is accelerating as AI use-cases in production grew by 3pts to 24% in 4Q25, according to Citi's latest CIO survey, and we generally observe efficiency gains of 20-30% based on available customer studies. See Citi's AI framework and links to recent reports below: Global Artificial Intelligence - The ROI on AI: Accelerating Enterprise Adoption Driving Hyperscaler Returns Artificial Intelligence - ROI on AI: Growth Acceleration & Returns Drive Capex Revisions The outlook for Big Five cloud data center capex remains strong with Citi FY26 expectations for three of the five revised higher. We note current Citi analysts' projections point to aggregate data center capex growth of > 60% Y/Y in 2026 and high-teens growth in 2027. Higher 2026 estimates YTD mostly reflect higher memory costs since DRAM component pricing is up >2x from Dec-Q last year and likely some pull-forward of spend given supply shortages, at least in part, in our view.
Figure 3. Big Five Hyperscale Capex Revised Up to > 60% Y/Y in 2026
$ millions202420252026E
Amazon (AWS)53,43690,080149,790
Meta39,22572,215124,330
Google52,53591,447182,463
Microsoft (Azure)67,746108,836139,800
Oracle10,24135,90161,704
Big Five US$223,183$398,480$658,086
Year-over-Year (%)70%79%65%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Company Reports --- Moreover, investor concerns around the mix of debt and circular financing around AI capex persist; fundamentally we see AI supply below demand due to memory/CoWoS constraints through 2026, and likely 2027 as well, as the continued pivot toward inference. The latter point is further accentuated by aggregate hyperscaler cloud revenues accelerating 5pts QoQ and reaching $81.7B in Q4, after +2pts in Q3, with the incremental YoY $ growth coming from the continued demand for AI infrastructure and solutions (see note from Citi Software team). This, coupled with major hyperscalers showing no signs of slowing cloud capex, give us confidence in NVIDIA's continued robust data center growth. Amid the Rubin launch in CY2H26, we expect H/H DC sales acceleration to 34% vs the 27% H/H growth in CY1H26. We continue to expect strong GPU units' growth in FY26/FY27. We model NVIDIA GPU units reaching 7.1M (+27% Y/Y) and 10.2M units (+44% Y/Y) in FY26 and FY27, respectively, with notably units of Blackwell representing 6.2M in FY2026. Backed by units' upticks and favorable product mix, we estimate FY26/FY27 sales reaching ~$160B (+55%)/$269B (+68%). We expect sales of AI GPUs to represent on average high 80% to 90% of total NVIDIA data center sales in FY26–FY27, with the remaining being comprised primarily of networking (Ethernet and InfiniBand), standalone CPUs, and software/services offerings.
Figure 4. NVDA AI GPU Sales
Fiscal 2025Fiscal 2026Fiscal 2027
QuarterlyAnnualASP (K)QuarterlyAnnualASP (K)QuarterlyAnnualASP (K)
Hoper Units (K)1,0004,000$20210640$1250200$1
Blackwell Units (K)100400$101,0006,200$241,7006,000$24
$200 A (K)100400$101,0004,000$272001,200$20
$300--$0-2,200$261,4005,000$25
Rude Units (K)--$0--$08003,200$35
Other Units (K)-1,200$01455$0726$1
Total OPUs Units (K)1,4005,600$181,7747,095$222,55710,226$26
Y/d210%27%44%
Hoper Sales (SP)$91,000$10,000$2,250
Blackwell Sales (SP)$12,000$149,200$104,000
$20 A (K)$12,000$92,000$24,400
$300$0$57,200$140,000
Rude Sales (SP)$0$0$102,400
Other Sales (SP)$0$273$110
Total OPUs Sales (SP)$102,200$159,563$208,780
Y/d12%85%88%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research
### 3. Increased competition on inference is natural On February 12, Open AI announced the availability for preview of its new GPT-5.3-Codex-Spark model, enabling over 1,000 tokens/s for ultra-fast inference. We estimate this news to be in-line with our expectations around a diversification of the AI accelerators in outer years as more inference workloads are deployed. We expect the inference market to be more diversified in nature, leaving room for more optionality in model size and specificity. Therefore, by nature we expect room for a variety in AI accelerator usage driving our assumption of NVIDIA $ share of merchant GPUs to 85% in CY26 from 94% in CY25 and merchant GPUs going to 55% from 65% of total AI accelerator units in the same period. That said, at a system level, we expect NVIDIA to continue to be the leader across both training and reasoning focused inference workloads. We continue to rely on MLPerf as the best apples-to-apples comparison metric for AI accelerators. On its last published version in November, GB300 NVL72 delivered the highest throughput on all inference tests, demonstrating technology leadership beyond the chip level. While we believe these impressive results do include enhanced software such as NVIDIA TensorRT-LLM (an open-source software library developed to optimize inference), we find the latest results to be better indicators of NVIDIA's chips and server dominance than before as increasingly we see other accelerators such as GOOGL's --- (covered by Ron Josey) TPU participate in more tests. Amid these results, we see further evidence of NVIDIA's TCO leadership, which will continue to be key to the strong Blackwell ramp.
Figure 5. AI Accelerators Sales Breakdown
C2025EC2026EC2027EC2028EC2025E-C2028E CAGR
Merchant GPU Units (M)7.511.414.115.527%
YoY51%24%10%
% of total accelerators units65%62%55%55%
Merchant GPU Total Sales ($B)$206$284$367$40325%
YoY38%29%10%
% of total accelerators sales90%86%82%81%
Compute ASIC Units (M)4.17.011.512.746%
YoY71%60%10%
% of total accelerators units35%38%45%45%
Compute ASIC Total Sales ($B)$22.4$45.3$80.8$96.563%
YoY103%78%19%
% of total accelerators sales10%14%18%19%
Total AI Accelerators Units (M)11.618.325.628.234%
YoY58%40%10%
Total AI Accelerators Sales ($B)$228$329$447$50030%
YoY44%36%12%
© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research
Figure 6. NVIDIA MLPerf Results
Image
### 4. Maintain 75% GM% despite memory pricing increases In a scenario in which NVIDIA faces ~30% memory price hike in Jan-Q, the company can see up to 100bps + potential impact on its GM%, per our analysis. That said, we estimate this scenario to be unlikely given the company's: 1) key partnerships with the memory makers who by all indications would prioritize NVIDIA given its level of orders and strategic positioning; 2) view memory pricing increases already baked in given long-lead times which allows it to (for the most part) see kinks in the supply chain ahead of time; 3) NVIDIA's ability to pass along higher costs to customers given the strong demand of its products led notably by Blackwell; and 4) higher mix of DC sales driven notably by Blackwell, which is accretive to its margins. ---
Figure 7. Data Center Sales Growth/Mix & GM Trends
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, Company Reports ### 5. CES Recap & Meeting Notes We attended NVIDIA CEO keynote/financial analyst Q&A and hosted CFO Colette Kress for an investor meeting at CES in January. Overall, we walked away positive on reasoning led agentic and physical AI demand inflection in 2026. We were surprised to see Vera Rubin details at CES and believe Rubin architecture will enhance/surpass NVIDIA's AI platform appeal vs Blackwell given increased architectural complexity with six new chips. The company sees upside to prior $500B AI 2025/26 AI demand from both Blackwell and Rubin. See our detailed note and management notes: NVIDIA Corp (NVDA.O) - CES Meeting Takeaways - Maintain Buy Supply chain: Management is very confident about its supply chain relationships, both up and down stream. The company is growing at fast scale and rate, and it prepares partners very early and supports them with prepays to build out their capacity. Vera Rubin: Management clarified that Vera Rubin is in full production now and is still planning on 2H 2026 to be released to the market. Cycle time is about 9 months+. The ramp is expected to be very fast. It's the only computer in the history where every chip is new. Management is confident about maintaining GM in the guided range even with Rubin ramp, and in the longer term it links directly with the value NVIDIA delivers. Groq acquisition: Groq is very good at extreme latency and NVIDIA's strength is very high throughput. While latency and throughput are opposite to each other, the company is looking for a place to create something unique in the future. Management added that the acquisition will not affect core business but rather open something new. On the topic of M&A more broadly, the company's investment strategy (including R&D) is in every layer of the stack and across the industries, and up and down the supply chain. If there is something the company could do very uniquely, it will do it internally, and for investment outside, management prefers to keep NVIDIA as small as possible and as large as necessary. --- Anthropic partnership: NVIDIA did not have the resources to invest in Anthropic in the early stage. Anthropic generates very high-quality tokens for enterprise, but generation rate is long, and that is where NVIDIA can be helpful. After Anthropic partnership, NVIDIA is now the only platform in the world that runs every model. China: The company has plenty of supply for all customers in all countries, particularly in the US, so that supply specific for China will not take away anything from other countries. Regarding H200, the government has received licenses, and they are working on how to process those different licenses. From the company's perspective, they do have demand and just need to make sure to get approvals across different governments. Frontier model market and the future growth vectors of AI: Current models are probably good enough for general use, but not from a domain-specific perspective, and NVIDIA management expects to see many breakthroughs this year in vertical agentic systems. Each model maker will have to find a specific channel that they can secure, and everything else will be open models. Reasoning is likely the reason that drives 5x growth of token generation, but management expects 50x ahead because of agentic systems with tool use, planning and simulation, together with reasoning. Context memory storage platform: NVIDIA is the largest networking company currently and management expects to be the largest storage processor company as well. NVIDIA's BlueField with DOCA software is already adopted in CPU and networking, but the storage market is underserved right now. KV cache in AI data center is very heavyweight and cannot be supported by the old storage system, and BlueField-4 can open a new market. ### 6. Valuation
Figure 8. NVDA vs AI Semi Peers FY2 P/E
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© 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Citi Research, FactSet --- ### 7. Key NVIDIA GTC Investor Events Pre-GTC Keynote Breakfast: Monday, March 16 at 8:30 a.m. PT; Location – Signia by Hilton Hotel San Jose GTC Keynote: Monday, March 16 at 11:00 a.m. PT; Location – SAP Center Cocktail Reception: March 16 at 5:00 p.m. PT; Location – The Pressroom Financial Analyst Q&A Breakfast: Tuesday, March 17 at 8:00 a.m. PT; Location – Signia by Hilton Hotel San Jose Financial Analyst Q&A: Tuesday, March 17 at 9:00 a.m. PT; Location – Signia by Hilton Hotel San Jose ## Companies Mentioned: Advanced Micro Devices (AMD.O; US$207.32; 2; 13 Feb 26; 16:00) | Alphabet Inc (GOOGL.O; US$305.72; 1; 13 Feb 26; 16:00) | Amazon.com, Inc. (AMZN.O; US$198.79; 1; 13 Feb 26; 16:00) | Broadcom Inc (AVGO.O; US$325.17; 1; 13 Feb 26; 16:00) | Marvell Technology Inc (MRVL.O; US$78.61; 1; 13 Feb 26; 16:00) | Meta Platforms Inc (META.O; US$639.77; 1; 13 Feb 26; 16:00) | Microsoft Corp. (MSFT.O; US$401.32; 1; 13 Feb 26; 16:00) | Oracle Corporation (ORCL.K; US$160.14; 1; 13 Feb 26; 16:00) --- ## NVIDIA Corp ## Company description Nvidia is a leader in graphics processing units or GPUs. It is engaged in creating graphics and networking chips, which are used in gaming, data centers, and automotive end markets. Nvidia was founded by Jen-Hsun Huang (current CEO) and partners in January 1993 and is headquartered in Santa Clara, CA. ## Investment strategy We like Buy-rated NVDA on secular AI growth opportunities. ## Valuation Our price target for NVDA of $270 is based on ~30x P/E on C27E earnings power of $10 discounted back. Our 30x P/E multiple is in-line with 3-5 year average. ## Risks Downside risks to the attainment of our target price include: 1) competition on gaming could drive the stock lower if Nvidia loses market share; 2) slower-than-expected adoption of new platforms can drive lower data center and gaming sales; 3) lumpiness in auto and data center markets can add volatility to the stock/multiple; and 4) cryptomining impact on gaming sales. If you are visually impaired and would like to speak to a Citi representative regarding the details of the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside the US +1-210-677-3788 ## Appendix A-1 ## ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designated by “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple AC analysts are designated in the author block, each analyst is certifying with respect to the entire research report other than (a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solely with respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts or rating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the report for which they are responsible: (1) that the views expressed therein accurately reflect their personal views about each issuer and security referenced and were prepared in an independent manner, including with respect to Citigroup Global --- Markets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in this report. ## IMPORTANT DISCLOSURES ## NVIDIA Corp (NVDA) Ratings and Target Price History Fundamental Research Analyst: Atif Malik
Image
DateRatingTarget PriceClosing Price
1 23-Feb-23 02:35:101*24.5023.66
2 17-Mar-23 06:01:341*30.5025.73
3 23-May-23 08:08:331*36.3030.69
4 25-May-23 02:22:121*42.0037.98
5 17-Jul-23 01:50:061*52.0046.46
6 24-Aug-23 02:36:331*63.0047.16
7 18-Oct-23 00:32:401*57.5042.20
8 22-Feb-24 02:01:241*82.0078.54
DateRatingTarget PriceClosing Price
920-Mar-24 06:26:151*103.0090.37
1023-May-24 02:55:031*126.00103.80
1126-Jun-24 05:00:001*150.00126.40
1212-Nov-24 08:00:001*170.00148.29
1321-Nov-24 05:00:001*175.00146.67
1405-Feb-25 08:00:001*163.00124.83
1510-Apr-25 22:30:001*150.00107.57
1629-May-25 01:37:501*180.00139.19
$ ^{*} $Indicates Change
DateRatingTarget PriceClosing Price
17 07-Jul-25 02:00:001*190.00158.24
18 28-Aug-25 01:41:011*210.00180.17
19 08-Sep-25 02:00:001*200.00168.31
20 30-Sep-25 04:04:431*210.00186.58
21 10-Nov-25 06:11:571*220.00199.05
22 20-Nov-25 02:46:501*270.00180.64
Rating/target price changes above reflect Eastern Time ## NVIDIA Corp (NVDA) Short-Term View/Catalyst Watch Research Analyst: Atif Malik
Image
DateActionExpected DirectionDurationClosing PriceDateActionExpected DirectionDurationClosing PriceDateActionExpected DirectionDurationClosing Price
110-Jan-23 08:11:55Add CWUpside30 Days46.63522-Jul-24 00:00:00Add CWUpside30 Days123.54910-Nov-25 01:11:57Add STVUpside
210-Jan-24 11:00:14Remove CWUpside30 Days54.35604-Aug-24 10:00:32Remove CWUpside30 Days107.271010-Dec-25 11:07:18Remove STVUpside
315-Apr-24 00:00:00Add CWUpside90 Days86.00721-Nov-24 00:00:00Add CWUpside90 Days146.67
416-Jun-24 21:00:00Remove CWUpside90 Days131.88814-Jan-25 02:00:50Remove CWUpside90 Days131.76
Image
CW - Catalyst Watch, STV - Short-Term View Rating/target price changes above reflect Eastern Time An employee of Citigroup Global Markets Inc or its affiliates is a Director of Microsoft Corp Citigroup Global Markets Inc. or its affiliates has a net short position of 0.5% or more of any class of common equity securities of Oracle Corporation. Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of Advanced Micro Devices, Alphabet Inc, Amazon.com, Inc., Broadcom Inc, Marvell Technology Inc, Meta Platforms Inc, Oracle Corporation. Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from Advanced Micro Devices, Alphabet Inc, Amazon.com, Inc., Broadcom Inc, Marvell Technology Inc, Meta Platforms Inc, Microsoft Corp., NVIDIA Corp, Oracle Corporation. Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking services from Advanced Micro Devices, Alphabet Inc, Amazon.com, Inc., Broadcom Inc, Marvell Technology Inc, Meta Platforms Inc, Microsoft Corp., NVIDIA Corp, Oracle Corporation in the past 12 months.