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ELON MUSK: FIRST DELIVERY OF $TSLA SELF-DRIVING MODEL Y CARS IN JUNE https://t.co/0m1Zgrrf2S
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ELON MUSK: FIRST DELIVERY OF $TSLA SELF-DRIVING MODEL Y CARS IN JUNE https://t.co/0m1Zgrrf2S
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Today's Key Events (All EST) — 05/29/2025
08:30: US Initial Jobless Claims
08:30: US GDP QoQ 2nd Estimate
08:30: Fed's Barkin
110:40: Fed's Goolsbee
13:00: US 7-Year Auction
14:00: Fed's Kugler Speaks
16:00: Fed's Daly Speaks
Before Open 👇
04:00: $FUTU
04:35: $LI
05:25: Canadian Imperial Bank of Commerce $CM
06:00: Royal Bank of Canada $RY
06:00: BRP $DOOO
06:25: Bath & Body Works $BBWI
06:30: Hormel Foods $HRL
06:45: Foot Locker $FL
06:45: Burlington Stores $BURL
06:45: Caleres $CAL
06:45: Movado Group $MOV
07:00: Best Buy $BBY
07:00: Kohl's $KSS
07:00: Roivant Sciences $ROIV
07:00: SpartanNash $SPTN
07:00: Hamilton Lane $HLNE
07:05: Build-A-Bear Workshop $BBW
After Hours 👇
04:00: NetApp $NTAP
04:05: Marvell Technology $MRVL
04:05: Dell Technologies $DELL
04:05: Zscaler $ZS
04:05: Elastic $ESTC
04:05: ULTA Beauty $ULTA
04:05: American Eagle Outfitters $AEO
04:05: Ambarella $AMBA
04:05: PagerDuty $PD
04:05: Red Robin Gourmet Burgers $RRGB
04:10: UiPath $PATH
04:15: Costco $COST
04:15: CooperCompanies $COO
04:20: Gap $GAP
04:40: NGL Energy Partners $NGL
After Close: STARZ $STRZ
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Today's Key Events (All EST) — 05/29/2025
08:30: US Initial Jobless Claims
08:30: US GDP QoQ 2nd Estimate
08:30: Fed's Barkin
110:40: Fed's Goolsbee
13:00: US 7-Year Auction
14:00: Fed's Kugler Speaks
16:00: Fed's Daly Speaks
Before Open 👇
04:00: $FUTU
04:35: $LI
05:25: Canadian Imperial Bank of Commerce $CM
06:00: Royal Bank of Canada $RY
06:00: BRP $DOOO
06:25: Bath & Body Works $BBWI
06:30: Hormel Foods $HRL
06:45: Foot Locker $FL
06:45: Burlington Stores $BURL
06:45: Caleres $CAL
06:45: Movado Group $MOV
07:00: Best Buy $BBY
07:00: Kohl's $KSS
07:00: Roivant Sciences $ROIV
07:00: SpartanNash $SPTN
07:00: Hamilton Lane $HLNE
07:05: Build-A-Bear Workshop $BBW
After Hours 👇
04:00: NetApp $NTAP
04:05: Marvell Technology $MRVL
04:05: Dell Technologies $DELL
04:05: Zscaler $ZS
04:05: Elastic $ESTC
04:05: ULTA Beauty $ULTA
04:05: American Eagle Outfitters $AEO
04:05: Ambarella $AMBA
04:05: PagerDuty $PD
04:05: Red Robin Gourmet Burgers $RRGB
04:10: UiPath $PATH
04:15: Costco $COST
04:15: CooperCompanies $COO
04:20: Gap $GAP
04:40: NGL Energy Partners $NGL
After Close: STARZ $STRZ
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BOEING $BA expects to certify its 737 MAX 7 and MAX 10 jets by the end of 2025, CEO Kelly Ortberg told Aviation Week. The planes—facing years of delays—have over 1,500 combined orders. Boeing also aims to deliver its long-delayed 777-9 next year. https://t.co/KOIe21bKcz
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BOEING $BA expects to certify its 737 MAX 7 and MAX 10 jets by the end of 2025, CEO Kelly Ortberg told Aviation Week. The planes—facing years of delays—have over 1,500 combined orders. Boeing also aims to deliver its long-delayed 777-9 next year. https://t.co/KOIe21bKcz
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VINFAST $VFS IN TALKS FOR $200M LOAN FROM INDIAN BANKS AHEAD OF INDIA LAUNCH — Part of its $500M India investment, the loan could be in rupees or foreign currency. Plant opens June 30 in Tamil Nadu, with VF6 and VF7 bookings coming soon. Shift marks pivot away from U.S. and EU focus
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VINFAST $VFS IN TALKS FOR $200M LOAN FROM INDIAN BANKS AHEAD OF INDIA LAUNCH — Part of its $500M India investment, the loan could be in rupees or foreign currency. Plant opens June 30 in Tamil Nadu, with VF6 and VF7 bookings coming soon. Shift marks pivot away from U.S. and EU focus
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Deutsche Bank Upgrades $LUV to Buy from Hold, Raises PT to $40 from $28
Analyst comments: "Upgrading LUV from Hold to Buy… three key reasons. In conjunction with the release of our 2025 edition of our Value Creation Primer dated May 28, 2025, we are upgrading Southwest (LUV) from Hold to Buy based on three key reasons. The three drivers behind our Buy rating are as follows: 1) Southwest's refreshed board of directors (along with Elliott Management) has ushered in a new era of change at the company, which we think will drive higher shareholder returns; 2) current strategic initiatives should drive meaningful revenue and EBIT growth over the next 12–24 months; and 3) we think Southwest's return on invested capital (ROIC) will significantly improve over the next two years."
Analyst: Michael Linenberg
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Deutsche Bank Upgrades $LUV to Buy from Hold, Raises PT to $40 from $28
Analyst comments: "Upgrading LUV from Hold to Buy… three key reasons. In conjunction with the release of our 2025 edition of our Value Creation Primer dated May 28, 2025, we are upgrading Southwest (LUV) from Hold to Buy based on three key reasons. The three drivers behind our Buy rating are as follows: 1) Southwest's refreshed board of directors (along with Elliott Management) has ushered in a new era of change at the company, which we think will drive higher shareholder returns; 2) current strategic initiatives should drive meaningful revenue and EBIT growth over the next 12–24 months; and 3) we think Southwest's return on invested capital (ROIC) will significantly improve over the next two years."
Analyst: Michael Linenberg
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Goldman Sachs says the recent trade court ruling won’t stop the Trump administration from moving forward with new tariffs. In a note, Alec Phillips writes that even if the IEEPA-based tariffs are struck down, the White House could use Section 122 of the Trade Act of 1974 to impose up to 15% tariffs for 150 days without any formal investigation. That short-term move could serve as a bridge while launching Section 301 investigations, which take longer but allow for more durable, targeted tariffs.
Goldman notes that sector-based tariffs, like those already applied to steel and autos under Section 232, remain unaffected by the court ruling. Phillips adds, “We already expect additional sectoral tariffs (pharmaceuticals, semiconductors/electronics, etc.) and uncertainty regarding the IEEPA-based tariffs could lead the White House to put more emphasis on sectoral tariffs, where there is much less legal uncertainty.”
He also flags Section 338 of the 1930 Trade Act as another tool available to the president, though it’s never been used and doesn’t require congressional input. Overall, Goldman calls the court ruling a “nothingburger” given the other options still available to impose trade measures.
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Goldman Sachs says the recent trade court ruling won’t stop the Trump administration from moving forward with new tariffs. In a note, Alec Phillips writes that even if the IEEPA-based tariffs are struck down, the White House could use Section 122 of the Trade Act of 1974 to impose up to 15% tariffs for 150 days without any formal investigation. That short-term move could serve as a bridge while launching Section 301 investigations, which take longer but allow for more durable, targeted tariffs.
Goldman notes that sector-based tariffs, like those already applied to steel and autos under Section 232, remain unaffected by the court ruling. Phillips adds, “We already expect additional sectoral tariffs (pharmaceuticals, semiconductors/electronics, etc.) and uncertainty regarding the IEEPA-based tariffs could lead the White House to put more emphasis on sectoral tariffs, where there is much less legal uncertainty.”
He also flags Section 338 of the 1930 Trade Act as another tool available to the president, though it’s never been used and doesn’t require congressional input. Overall, Goldman calls the court ruling a “nothingburger” given the other options still available to impose trade measures.
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Jefferies Downgrades $GEV to Hold from Buy, Raises PT to $517 from $427
Analyst comments: "Downgrade to HOLD: current price adequately reflects premium on above-Consensus (+15% vs. Street) 2028 Jefferies estimates. Long-term power fundamentals remain strong but narrowing incremental risk/reward after recent outperformance. Newly-extended Power modeling shows meaningful margin expansion into mid-20s% on services attachment in 2030+ assuming flat original equipment volume. The duration of original equipment demand is the open question and consequential. Raise price target to $517 (+8% total shareholder return) on higher Power estimates."
Analyst: Julian Dumoulin-Smith
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Jefferies Downgrades $GEV to Hold from Buy, Raises PT to $517 from $427
Analyst comments: "Downgrade to HOLD: current price adequately reflects premium on above-Consensus (+15% vs. Street) 2028 Jefferies estimates. Long-term power fundamentals remain strong but narrowing incremental risk/reward after recent outperformance. Newly-extended Power modeling shows meaningful margin expansion into mid-20s% on services attachment in 2030+ assuming flat original equipment volume. The duration of original equipment demand is the open question and consequential. Raise price target to $517 (+8% total shareholder return) on higher Power estimates."
Analyst: Julian Dumoulin-Smith
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$KC | Kingsoft Cloud Q1'25 Earnings Highlights:
🔹 Adj. EPS: (RMB 0.08) (Est. RMB -0.62) 🟢
🔹 Revenue: RMB 1.97B (Est. RMB 2B) 😐; +10.9% YoY,
🔹 Non-GAAP Gross Margin: 16.6%
Segment Performance:
🔸 AI Gross Billing: RMB 525M; +228% YoY, now 39% of Public Cloud
🔹 Public Cloud Revenue: RMB 1.35B; +14.0% YoY, -4.0% QoQ
🔹 Enterprise Cloud Revenue: RMB 616.5M; +4.8% YoY, -25.0% QoQ
Profitability & Expenses:
🔹 Cost of Revenue: RMB 1.65B; +11.4% YoY
• IDC Cost: RMB 722.8M; -6.0% YoY
• Depreciation/Amortization: RMB 378.5M; Up significantly YoY
🔹 Total OpEx: RMB 552.5M; -2.6% YoY, +17.7% QoQ
• S&M: RMB 144.3M (+23.6% YoY)
• G&A: RMB 182.0M (-16.8% YoY)
• R&D: RMB 226.2M (-2.5% YoY)
Balance Sheet & Cash:
🔹 Cash & Equivalents: RMB 2.32B (vs. RMB 2.65B as of Dec 2024)
🔹 Outstanding Shares: 3.7B (≈246.9M ADSs)
🔸 CEO Tao Zou: "Gross billing in AI jumped 228% YoY. AI is becoming core to cloud infrastructure and we are fully committed to sustainable business development."
🔸 CFO Henry He: “We posted solid year-over-year growth, but saw seasonal softness QoQ. Leasing helps reduce upfront cash needs but weighs on GPM near term.”
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$KC | Kingsoft Cloud Q1'25 Earnings Highlights:
🔹 Adj. EPS: (RMB 0.08) (Est. RMB -0.62) 🟢
🔹 Revenue: RMB 1.97B (Est. RMB 2B) 😐; +10.9% YoY,
🔹 Non-GAAP Gross Margin: 16.6%
Segment Performance:
🔸 AI Gross Billing: RMB 525M; +228% YoY, now 39% of Public Cloud
🔹 Public Cloud Revenue: RMB 1.35B; +14.0% YoY, -4.0% QoQ
🔹 Enterprise Cloud Revenue: RMB 616.5M; +4.8% YoY, -25.0% QoQ
Profitability & Expenses:
🔹 Cost of Revenue: RMB 1.65B; +11.4% YoY
• IDC Cost: RMB 722.8M; -6.0% YoY
• Depreciation/Amortization: RMB 378.5M; Up significantly YoY
🔹 Total OpEx: RMB 552.5M; -2.6% YoY, +17.7% QoQ
• S&M: RMB 144.3M (+23.6% YoY)
• G&A: RMB 182.0M (-16.8% YoY)
• R&D: RMB 226.2M (-2.5% YoY)
Balance Sheet & Cash:
🔹 Cash & Equivalents: RMB 2.32B (vs. RMB 2.65B as of Dec 2024)
🔹 Outstanding Shares: 3.7B (≈246.9M ADSs)
🔸 CEO Tao Zou: "Gross billing in AI jumped 228% YoY. AI is becoming core to cloud infrastructure and we are fully committed to sustainable business development."
🔸 CFO Henry He: “We posted solid year-over-year growth, but saw seasonal softness QoQ. Leasing helps reduce upfront cash needs but weighs on GPM near term.”
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UBS Lowers PT on $HPQ to $26 from $37, Maintains Neutral Rating
Analyst comments: "HP reported arguably a solid revenue quarter, but higher tariff and commodity inputs materially impacted Personal Systems margins, leading to not only an EPS miss but a sharp revision to the FY25 EPS guide that will likely lead to a materially reset lower in not only estimates but HP's share price. Despite the shares in the after-market trading at 8x our updated next twelve months EPS estimate of $3.15, a steep discount to the market, shares are likely to remain range bound given a lack of near-term catalysts despite what should be the final EPS revision. Furthermore, we previously expected a recovery in PC demand driven by an aging installed base and a Windows 11 refresh cycle. However, Personal Systems growth this year is likely to be more muted than previously expected given inconsistent tariff proposals leading to demand disruption across Enterprise and Consumer markets. As such, HP now expects the PC market to grow low-single digits in calendar year 2025 versus our prior expectations of 4–5%. As such, we cut our FY25 EPS estimate to $3.02 from $3.54, at the low end of the updated $3.00–$3.30 guidance range. While it is tempting to call a trough in the shares, tariff uncertainty in China, Southeast Asia, and even Latin America keeps us on the sidelines."
Analyst: David Vogt
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UBS Lowers PT on $HPQ to $26 from $37, Maintains Neutral Rating
Analyst comments: "HP reported arguably a solid revenue quarter, but higher tariff and commodity inputs materially impacted Personal Systems margins, leading to not only an EPS miss but a sharp revision to the FY25 EPS guide that will likely lead to a materially reset lower in not only estimates but HP's share price. Despite the shares in the after-market trading at 8x our updated next twelve months EPS estimate of $3.15, a steep discount to the market, shares are likely to remain range bound given a lack of near-term catalysts despite what should be the final EPS revision. Furthermore, we previously expected a recovery in PC demand driven by an aging installed base and a Windows 11 refresh cycle. However, Personal Systems growth this year is likely to be more muted than previously expected given inconsistent tariff proposals leading to demand disruption across Enterprise and Consumer markets. As such, HP now expects the PC market to grow low-single digits in calendar year 2025 versus our prior expectations of 4–5%. As such, we cut our FY25 EPS estimate to $3.02 from $3.54, at the low end of the updated $3.00–$3.30 guidance range. While it is tempting to call a trough in the shares, tariff uncertainty in China, Southeast Asia, and even Latin America keeps us on the sidelines."
Analyst: David Vogt
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KeyBanc is sticking with its Underweight rating and $100 price target on First Solar. Analyst Sophie Karp notes that while $FSLR has underperformed the broader market, it’s held up better than some renewable peers, partly because it’s seen as less exposed to recent IRA-related uncertainty in Congress.
She points out that Section 45X manufacturing credits—which are important to FSLR’s earnings—have not been subject to the same aggressive phase-out as other clean energy credits so far. Under the current bill version, those credits would step down gradually through 2032. Still, Karp cautions that the Senate may continue looking for budget savings, so 45X may not be fully secure.
She also notes that 45X makes up a large part of FSLR’s projected earnings, and when removing that impact, the core business appears to be trading at over 30x earnings—something she sees as high.
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KeyBanc is sticking with its Underweight rating and $100 price target on First Solar. Analyst Sophie Karp notes that while $FSLR has underperformed the broader market, it’s held up better than some renewable peers, partly because it’s seen as less exposed to recent IRA-related uncertainty in Congress.
She points out that Section 45X manufacturing credits—which are important to FSLR’s earnings—have not been subject to the same aggressive phase-out as other clean energy credits so far. Under the current bill version, those credits would step down gradually through 2032. Still, Karp cautions that the Senate may continue looking for budget savings, so 45X may not be fully secure.
She also notes that 45X makes up a large part of FSLR’s projected earnings, and when removing that impact, the core business appears to be trading at over 30x earnings—something she sees as high.
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BofA Securities Raises PT on $ELF to $113 from $95, Maintains Buy Rating
Analyst comments: "We are positive on the acquisition of Rhode for several reasons: 1) as an entirely direct-to-consumer brand, ELF has significant distribution opportunity (Rhode is launching in Sephora U.S. and Canada stores in the fall, and Sephora UK by year-end), 2) Rhode is expected to be accretive to gross margin, EBITDA margin, and earnings, suggesting room for deeper investments in marketing, 3) tightens ELF’s relationship with Gen Z consumers who seek out prestige-level products. Rhode offers 10 products from $18 to $38 (vs. ELF average at $6.50 and mass peers at $9.50). Rhode is expected to close by the end of fiscal Q2."
Analyst: Anna Lizzul
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BofA Securities Raises PT on $ELF to $113 from $95, Maintains Buy Rating
Analyst comments: "We are positive on the acquisition of Rhode for several reasons: 1) as an entirely direct-to-consumer brand, ELF has significant distribution opportunity (Rhode is launching in Sephora U.S. and Canada stores in the fall, and Sephora UK by year-end), 2) Rhode is expected to be accretive to gross margin, EBITDA margin, and earnings, suggesting room for deeper investments in marketing, 3) tightens ELF’s relationship with Gen Z consumers who seek out prestige-level products. Rhode offers 10 products from $18 to $38 (vs. ELF average at $6.50 and mass peers at $9.50). Rhode is expected to close by the end of fiscal Q2."
Analyst: Anna Lizzul
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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, with every large hyperscaler now ramping close to 1K racks/week, 13K racks/quarter or ~$30bn+/q at $2.5mn+ rack ASP (or $100bn+ across the top few hyperscalers, though NVDA didn’t quantify further), and 3) NVDA confident in GM recovery back to mid-70s % sometime later in the year, another sign of improving demand and rack-scale execution. Networking also returned to low/mid-double-digit of Data Center revenue in Q1, as NVDA’s complete portfolio of NVLink (Scale-Up), Quantum/Spectrum (Scale-Out), and BlueField (DPUs/NICs) in rack-scale systems is now fully ramping across multiple hyperscalers (inclusive of new Google/Meta win for Spectrum-X) – an incremental AVGO headwind. We reiterate Buy on top pick NVDA, raising our FY26/27/28E pf-EPS by 6%/2%/12% to $4.21/$5.87/$7.23, and PO to $180 from $160 on higher 30x PE vs 28x prior given faster EPS growth."
Wells Fargo (Overweight, PT: $185)
"NVIDIA is guiding F2Q26 revenue at $45B +/- 2%, GM% at ~72% +/- 50bps, and ~$4B opex vs prior Street at ~$42.8B / 73.1% / $3.9B. With OI&E at ~$450M and a 16.5% tax rate, we estimate implied F2Q26 non-GAAP EPS at ~$0.94-$1.02 (prior Street at $0.99). NVDA expects modest sequential growth across all platforms. Shares are now trading at 24x and 21x our CY26 & CY27, respectively — near a trough relative P/E to SOX. We reiterate Overweight and our $185 PT as investor sentiment may shift toward a path to $6+ in CY26 EPS."
Melius (Buy, PT: $205)
"The Momentum is Back: The ex-China guide seems to be $2-3B above expectations, implying stronger demand at major clouds and in gaming for new Blackwell products. Gross margins are likely to return to the mid-70s quickly in 2H26, boosting long-term earnings. NVDA’s tone is significantly improved since the AI Diffusion rule was rescinded, and Trump has catalyzed massive Sovereign AI demand. We believe China AI revenue (~$8B/quarter) may not be permanently lost. We raise our PT to $205 on increased estimates and a more optimistic demand outlook."
DA Davidson (Neutral, PT: $135)
"We maintain our NEUTRAL rating and raise our PT to $135 (from $120) following mixed earnings. While top-line results were better than expected, the lack of H20 sales into China significantly impacted results. We believe the market continues to under-account for China’s contribution, which remains the largest overhang. Resolution from the administration on export policies will be key for future visibility."
Stifel (Buy, PT: $180)
"NVDA beat F1Q expectations despite $2.5bn in unfulfilled H20 revenue. Adjusted GM of 71.3% was slightly above guidance. F2Q revenue guidance of $45B was better than feared and could have been $8B higher absent the H20 restriction. Non-China Data Center revenue appears to be growing ~30% sequentially as GB200 ramps. GB300 systems began sampling in early May with production expected later this quarter. NVDA maintained its outlook for a mid-70s GM recovery by fiscal year-end. We expect a strong back half of FY26. Reiterate Buy."
Morgan Stanley (Overweight, PT: $170)
"We’re raising FY26 revenue and EPS to $198.8B/$4.33. FY27 moves to $264.6B/$6.28 from $252.9B/$6.01. Blackwell demand remains strong with China derisked, at least for direct shipments. Gross margins have bottomed and are now improving. Commentary from customers confirms strong demand as new technologies roll out. We see high probability of upward revisions and raise PT to $170 from $160, maintaining our 28x target multiple."
Evercore ISI (Outperform, PT: $190)
"Still a Top Pick post AprQ. We maintain Outperform fol[...]
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, with every large hyperscaler now ramping close to 1K racks/week, 13K racks/quarter or ~$30bn+/q at $2.5mn+ rack ASP (or $100bn+ across the top few hyperscalers, though NVDA didn’t quantify further), and 3) NVDA confident in GM recovery back to mid-70s % sometime later in the year, another sign of improving demand and rack-scale execution. Networking also returned to low/mid-double-digit of Data Center revenue in Q1, as NVDA’s complete portfolio of NVLink (Scale-Up), Quantum/Spectrum (Scale-Out), and BlueField (DPUs/NICs) in rack-scale systems is now fully ramping across multiple hyperscalers (inclusive of new Google/Meta win for Spectrum-X) – an incremental AVGO headwind. We reiterate Buy on top pick NVDA, raising our FY26/27/28E pf-EPS by 6%/2%/12% to $4.21/$5.87/$7.23, and PO to $180 from $160 on higher 30x PE vs 28x prior given faster EPS growth."
Wells Fargo (Overweight, PT: $185)
"NVIDIA is guiding F2Q26 revenue at $45B +/- 2%, GM% at ~72% +/- 50bps, and ~$4B opex vs prior Street at ~$42.8B / 73.1% / $3.9B. With OI&E at ~$450M and a 16.5% tax rate, we estimate implied F2Q26 non-GAAP EPS at ~$0.94-$1.02 (prior Street at $0.99). NVDA expects modest sequential growth across all platforms. Shares are now trading at 24x and 21x our CY26 & CY27, respectively — near a trough relative P/E to SOX. We reiterate Overweight and our $185 PT as investor sentiment may shift toward a path to $6+ in CY26 EPS."
Melius (Buy, PT: $205)
"The Momentum is Back: The ex-China guide seems to be $2-3B above expectations, implying stronger demand at major clouds and in gaming for new Blackwell products. Gross margins are likely to return to the mid-70s quickly in 2H26, boosting long-term earnings. NVDA’s tone is significantly improved since the AI Diffusion rule was rescinded, and Trump has catalyzed massive Sovereign AI demand. We believe China AI revenue (~$8B/quarter) may not be permanently lost. We raise our PT to $205 on increased estimates and a more optimistic demand outlook."
DA Davidson (Neutral, PT: $135)
"We maintain our NEUTRAL rating and raise our PT to $135 (from $120) following mixed earnings. While top-line results were better than expected, the lack of H20 sales into China significantly impacted results. We believe the market continues to under-account for China’s contribution, which remains the largest overhang. Resolution from the administration on export policies will be key for future visibility."
Stifel (Buy, PT: $180)
"NVDA beat F1Q expectations despite $2.5bn in unfulfilled H20 revenue. Adjusted GM of 71.3% was slightly above guidance. F2Q revenue guidance of $45B was better than feared and could have been $8B higher absent the H20 restriction. Non-China Data Center revenue appears to be growing ~30% sequentially as GB200 ramps. GB300 systems began sampling in early May with production expected later this quarter. NVDA maintained its outlook for a mid-70s GM recovery by fiscal year-end. We expect a strong back half of FY26. Reiterate Buy."
Morgan Stanley (Overweight, PT: $170)
"We’re raising FY26 revenue and EPS to $198.8B/$4.33. FY27 moves to $264.6B/$6.28 from $252.9B/$6.01. Blackwell demand remains strong with China derisked, at least for direct shipments. Gross margins have bottomed and are now improving. Commentary from customers confirms strong demand as new technologies roll out. We see high probability of upward revisions and raise PT to $170 from $160, maintaining our 28x target multiple."
Evercore ISI (Outperform, PT: $190)
"Still a Top Pick post AprQ. We maintain Outperform fol[...]