Mizuho raised its price target on Nvidia Corp. (NASDAQ:NVDA) to $300 from $275, maintaining an Outperform rating. The stock has delivered a 70% return over the past year, trading at a market cap of $5.41 trillion.
The firm cited Nvidia's April quarter revenue of $81.6 billion, exceeding the $78.9 billion consensus. July quarter revenue guidance of $91 billion surpassed the $86.4 billion consensus, driven by strong Blackwell product demand.
Mizuho estimates April quarter data center revenue reached approximately $75.2 billion, up 21% QoQ and 92% YoY, with Blackwell revenue around $60 billion. July quarter Blackwell revenue is projected at $66 billion, with networking revenue of $18 billion, up 21% QoQ.
Nvidia reported over $9 billion in physical AI revenue over the trailing 12 months and expanded automotive partnerships with BYD, Geely, Hyundai, and Uber. The company reiterated its AI infrastructure TAM of $3-4 trillion by 2030.
Nvidia bought back $19 billion in shares during the April quarter, increasing its authorization to $119 billion. It raised its quarterly dividend to $0.25, maintaining a 15-year streak of consecutive dividend payments.
