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Wall St Engine HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $NVDA EARNINGS: BofA Securities (Buy, PT: $180) "Three major takeaways from the Q1 call: 1) China derisked, with $15bn in 1H sales of H20 product now already in the model, 2) Blackwell racks in full production…
lowing a 9% EPS beat and July guidance only 1% below consensus. Key concerns—Blackwell delays, hyperscaler digestion, and ASIC competition—were addressed on the call. Blackwell now accounts for 70% of DC revenue and is scaling fast, with 72,000 GPUs deployed per week by major hyperscalers. GB300 production begins this quarter. Our checks confirm continued CapEx strength and NVDA’s position as the AI ecosystem leader."
JPMorgan (Overweight, PT: $170)
"Strong April revenue of $44B (vs est. $43B) despite $2.5B in lost H20 GPU sales. GM was impacted by $4.5B in write-downs, with EPS of $0.81 vs $0.93 consensus. July guidance of $45B is better than expected after adjusting for China bans. Data Center revenue ex-H20 appears to be up 16% sequentially. Blackwell and GB300 ramps are progressing well. Networking revenue was also strong, driven by NVLink switches. We estimate $5B in unshipped H20 orders for 2H25."
Citi (Buy, PT: $180)
"Apr-Q sales of $44B were ~$1B above preview expectations. Blackwell sales of $24B topped our $20B estimate, and margins are expected to return to mid-70s in 2H on improved profitability. China bans were a $2.5B drag in Apr and an $8B headwind in July. NVDA now has line of sight to sovereign AI projects representing tens of gigawatts in demand. FY26/27/28 EPS adjusted flat/+9%/+5%, and we raise our PT to $180 on a consistent 30x P/E. Maintain Buy."
Truist Securities (Buy, PT: $210)
"NVDA overcame major hurdles with Apr results and Jul guidance despite export controls. Demand from CSPs, enterprises, and sovereigns remains strong. China TAM is on hold, but our estimates continue to rise on margin recovery. CY26 EPS now at $5.99. We raise PT to $210 from $205 based on 35x EPS (10x discount to high-growth semi peers). NVDA’s innovation and execution continue to impress."
Summit Insights (Buy, No PT)
"We upgrade NVDA to Buy as concerns around double ordering and China exports are now priced in. Datacenter CapEx remains robust and supports NVDA’s AI GPU and networking segments. We acknowledge inference may lower compute requirements over time, but see no near- or medium-term impact. ODMs have resolved Blackwell technical challenges, and we expect NVDA to resume meaningful outperformance."
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JPMorgan (Overweight, PT: $170)
"Strong April revenue of $44B (vs est. $43B) despite $2.5B in lost H20 GPU sales. GM was impacted by $4.5B in write-downs, with EPS of $0.81 vs $0.93 consensus. July guidance of $45B is better than expected after adjusting for China bans. Data Center revenue ex-H20 appears to be up 16% sequentially. Blackwell and GB300 ramps are progressing well. Networking revenue was also strong, driven by NVLink switches. We estimate $5B in unshipped H20 orders for 2H25."
Citi (Buy, PT: $180)
"Apr-Q sales of $44B were ~$1B above preview expectations. Blackwell sales of $24B topped our $20B estimate, and margins are expected to return to mid-70s in 2H on improved profitability. China bans were a $2.5B drag in Apr and an $8B headwind in July. NVDA now has line of sight to sovereign AI projects representing tens of gigawatts in demand. FY26/27/28 EPS adjusted flat/+9%/+5%, and we raise our PT to $180 on a consistent 30x P/E. Maintain Buy."
Truist Securities (Buy, PT: $210)
"NVDA overcame major hurdles with Apr results and Jul guidance despite export controls. Demand from CSPs, enterprises, and sovereigns remains strong. China TAM is on hold, but our estimates continue to rise on margin recovery. CY26 EPS now at $5.99. We raise PT to $210 from $205 based on 35x EPS (10x discount to high-growth semi peers). NVDA’s innovation and execution continue to impress."
Summit Insights (Buy, No PT)
"We upgrade NVDA to Buy as concerns around double ordering and China exports are now priced in. Datacenter CapEx remains robust and supports NVDA’s AI GPU and networking segments. We acknowledge inference may lower compute requirements over time, but see no near- or medium-term impact. ODMs have resolved Blackwell technical challenges, and we expect NVDA to resume meaningful outperformance."
$NVDA | NVIDIA Q1'26 Earnings Highlights:
🔹 Adj. EPS: $0.81 (Est. $0.75) 😐; Excl. H20 charge: $0.96
🔹 Revenue: $44.1B (Est. $43.29B) 🟢; UP +69% YoY
🔹 Adj. Gross Margin: 61.0% (Est. 71%) 😐; Excl. H20 charge: 71.3%
Q2'26 Outlook:
🔹 Revenue: $45.0B ±2% (Est. $45.5B) 🟡
🔸 Outlook reflects ~$8.0B H20 revenue impact due to export controls
🔸 Additional $2.5B in H20 revenue unable to be shipped in Q1
Q1 Segment Performance:
🔹 Data Center Revenue: $39.1B (Est. $39.22B) 😐; UP +73% YoY
🔹 Automotive Revenue: $567M (Est. $579.4M) 🔴; UP +72% YoY
🔹 Networking Revenue: $4.96B (Est. $3.45B) 🟢
🔹 Compute Revenue: $34.16B (Est. $35.47B) 🔴
Other Key Q1 Metrics:
🔹 Adj. Operating Income: $23.28B (Est. $27.15B) 🔴; UP +29% YoY
🔹 Adj. Operating Expenses: $3.58B (Est. $3.63B) 🟢; UP +43% YoY
🔹 R&D Expenses: $3.99B (Est. $4.07B) 🟢; UP +47% YoY
🔹 Free Cash Flow: $26.14B; UP +75% YoY
🔹 Diluted EPS Ex-H20 Charge: $0.96
CEO Commentary:
🔸 Jensen Huang:
"Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production. Global demand for NVIDIA’s AI infrastructure is incredibly strong." tweet
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BofA cuts its price target on Capri $CPRI to $21 from $23 but keeps a Neutral rating. Analyst Lorraine Hutchinson sees room for recovery at Kors and Choo, though near-term fundamentals remain weak. FY26 revenue outlook was lowered to $3.3–$3.4B, and operating income to $100M, with Versace now treated as a discontinued operation. EPS for FY27 was raised 22% on higher interest income from the Versace sale, despite tariff pressure. New target reflects added turnaround risk at a lower 9x EV/EBITDA multiple. (via BofA)
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BofA cuts its price target on Capri $CPRI to $21 from $23 but keeps a Neutral rating. Analyst Lorraine Hutchinson sees room for recovery at Kors and Choo, though near-term fundamentals remain weak. FY26 revenue outlook was lowered to $3.3–$3.4B, and operating income to $100M, with Versace now treated as a discontinued operation. EPS for FY27 was raised 22% on higher interest income from the Versace sale, despite tariff pressure. New target reflects added turnaround risk at a lower 9x EV/EBITDA multiple. (via BofA)
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Cantor Fitzgerald says $ORIC Pharmaceuticals delivered a solid prostate cancer update with ORIC-944. Early Phase 1 data shows about a 50% PSA50 response rate, now in range with PSMA-targeted therapies and ahead of Pfizer’s similar PRC2 inhibitor, mevrometostat. Analyst Prakhar Agrawal sees early signs of safety differentiation and a strong setup for more catalysts ahead. With shares up over 20% pre-market, he still sees the stock as undervalued at a ~$600M market cap, given the multi-blockbuster potential. Rating remains Overweight.
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Cantor Fitzgerald says $ORIC Pharmaceuticals delivered a solid prostate cancer update with ORIC-944. Early Phase 1 data shows about a 50% PSA50 response rate, now in range with PSMA-targeted therapies and ahead of Pfizer’s similar PRC2 inhibitor, mevrometostat. Analyst Prakhar Agrawal sees early signs of safety differentiation and a strong setup for more catalysts ahead. With shares up over 20% pre-market, he still sees the stock as undervalued at a ~$600M market cap, given the multi-blockbuster potential. Rating remains Overweight.
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We’ll see if the court ruling holds, but for now, markets are dialing back recession odds—now down to 38%. Expectations for the Fed’s 2025 terminal rate cut are still sitting below 25bps. https://t.co/VsooOMDck6
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We’ll see if the court ruling holds, but for now, markets are dialing back recession odds—now down to 38%. Expectations for the Fed’s 2025 terminal rate cut are still sitting below 25bps. https://t.co/VsooOMDck6
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RBC Capital Downgrades $CRM to Sector Perform from Outperform, Lowers PT to $275 from $420
Analyst comments: "Our view: We are downgrading our rating on Salesforce from Outperform to Sector Perform and lowering our price target to $275 from $420 after Salesforce reported a relatively in-line quarter. Our downgrade is primarily driven by the formally announced acquisition of Informatica for $8 billion, as well as longer-term concerns."
Analyst: Rishi Jaluria
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RBC Capital Downgrades $CRM to Sector Perform from Outperform, Lowers PT to $275 from $420
Analyst comments: "Our view: We are downgrading our rating on Salesforce from Outperform to Sector Perform and lowering our price target to $275 from $420 after Salesforce reported a relatively in-line quarter. Our downgrade is primarily driven by the formally announced acquisition of Informatica for $8 billion, as well as longer-term concerns."
Analyst: Rishi Jaluria
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TD Cowen Downgrades $FRPT to Hold from Buy, PT $96
Analyst comments: "We downgrade Freshpet to reflect our concerns about decelerating retail sales growth trends. We see risk that the brand's refrigerated fresh dog food concept is nearing a saturation point sooner than expected. Activist JANA pushing for a sale of the business is an upside risk for the stock, but we don’t see a bid from a strategic acquirer materializing in the near term."
Analyst: Robert Moskow
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TD Cowen Downgrades $FRPT to Hold from Buy, PT $96
Analyst comments: "We downgrade Freshpet to reflect our concerns about decelerating retail sales growth trends. We see risk that the brand's refrigerated fresh dog food concept is nearing a saturation point sooner than expected. Activist JANA pushing for a sale of the business is an upside risk for the stock, but we don’t see a bid from a strategic acquirer materializing in the near term."
Analyst: Robert Moskow
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$PLUG POWER SETS NEW U.S. RECORD FOR LIQUID HYDROGEN OUTPUT
Plug Power's Georgia plant hit 300 metric tons of liquid hydrogen in April—its highest yet—using its own GenEco PEM electrolyzer tech. It's now the largest U.S. electrolytic hydrogen site, part of a 40 TPD network supplying Walmart, Amazon, and Home Depot.
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$PLUG POWER SETS NEW U.S. RECORD FOR LIQUID HYDROGEN OUTPUT
Plug Power's Georgia plant hit 300 metric tons of liquid hydrogen in April—its highest yet—using its own GenEco PEM electrolyzer tech. It's now the largest U.S. electrolytic hydrogen site, part of a 40 TPD network supplying Walmart, Amazon, and Home Depot.
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Toyota $TM plans to sell seven EV models in the U.S. by mid-2027, with two American-made models starting production next year.
Execs expect slow, steady growth in U.S. EV demand, but any surplus will be sent overseas.
Battery production from its massive North Carolina plant kicks off later this year.
Toyota sold fewer than 30K EVs in the U.S. in 2024 but sees battery electrics doubling market share by 2030.
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Toyota $TM plans to sell seven EV models in the U.S. by mid-2027, with two American-made models starting production next year.
Execs expect slow, steady growth in U.S. EV demand, but any surplus will be sent overseas.
Battery production from its massive North Carolina plant kicks off later this year.
Toyota sold fewer than 30K EVs in the U.S. in 2024 but sees battery electrics doubling market share by 2030.
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$NVDA ACCUSED OF BEING ‘TOO CLOSE TO CHINA'
In a letter seen by WSJ, Sens. Jim Banks and Elizabeth Warren told Nvidia CEO Jensen Huang the company’s planned Shanghai office “raises significant national security and economic security issues.” They said the move could give China access to sensitive AI tech.
An Nvidia spokesperson responded, saying the company is “simply leasing a new space for existing employees” and that “the scope of work will remain unchanged,” with no advanced chip designs sent to the site.
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$NVDA ACCUSED OF BEING ‘TOO CLOSE TO CHINA'
In a letter seen by WSJ, Sens. Jim Banks and Elizabeth Warren told Nvidia CEO Jensen Huang the company’s planned Shanghai office “raises significant national security and economic security issues.” They said the move could give China access to sensitive AI tech.
An Nvidia spokesperson responded, saying the company is “simply leasing a new space for existing employees” and that “the scope of work will remain unchanged,” with no advanced chip designs sent to the site.
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Goldman Sachs’ summary of the recent U.S. Court of International Trade ruling: https://t.co/Uas5KAunVn
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Goldman Sachs’ summary of the recent U.S. Court of International Trade ruling: https://t.co/Uas5KAunVn
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RT @wallstengine: The TACO trade is the new Trump trade
TACO = "Trump Always Chickens Out." https://t.co/vWrduDdxV6
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RT @wallstengine: The TACO trade is the new Trump trade
TACO = "Trump Always Chickens Out." https://t.co/vWrduDdxV6
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U.S TRADE TEAM VISITING INDIA 🇮🇳 ON JUNE 5 - 6; INDIA, US TRADE NEGOTIATIONS ARE ON TRACK SAYS INDIA OFFICIAL
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U.S TRADE TEAM VISITING INDIA 🇮🇳 ON JUNE 5 - 6; INDIA, US TRADE NEGOTIATIONS ARE ON TRACK SAYS INDIA OFFICIAL
INDIA TRADE MINISTRY OFFICIAL: INDIA AND US TRADE TALKS ARE PROGRESSING WELL, EXPECTS GOOD OUTCOME SOON tweet
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