Nvidia (NVDA.US) beat FY3Q revenue and non-GAAP EPS consensus by 6% and 8%, respectively, Goldman Sachs said in a research report. Looking ahead, the group's FY4Q revenue guidance of a 7% QoQ hike to US$37.5 billion is just in line with consensus, with management noting that short-term gross margin headwinds related to Blackwell could persist into the April quarter.

However, the broker expected rising demand for AI infrastructure across all of the group's customer segments, coupled with improved supply and an expected return to normalized gross margins from 2HCY25, to drive continued strong earnings expansion through CY2025.

Goldman Sachs raised Nvidia's non-GAAP EPS forecasts for FY2025/ 26/ 27 by 1%/ 5%/ 7%, and raised its target price from US$150 to US$165, reiterating its Buy rating.
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Nvidia (P)	10300	110 (-)	0.080	4.4 X