Cantor Fitzgerald reiterated an Overweight rating and $350 price target on Nvidia (NVDA) following the latest quarterly results.
Nvidia reported its 15th consecutive quarter of results beating consensus expectations. The company guided April and July revenue and EPS to a combined $173 billion and $3.94, surpassing estimates of $166 billion and $3.69.
Data Center performance led by Grace Blackwell drove the better-than-consensus results. Vera Rubin is expected to begin ramping in Q3 2026. Management reiterated its $1 trillion-plus Blackwell and Rubin backlog for H2 2025 through 2027.
The firm projects total Data Center revenue in 2027 could reach $600 billion territory versus the current consensus of $450 billion. Cantor Fitzgerald highlighted Nvidia's 50-50 split between hyperscale and other key players in its data center business.
Nvidia raised its annual dividend from $0.04 to $1.00 per share and announced an $80 billion buyback program. The firm estimates Nvidia will generate approximately $500 billion in free cash flow over the next 24 months.
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