Nvidia (NVDA.US)'s results for the quarter ended April were in line with expectations, with quarterly sales forecasted to be US$45 billion, US$1 billion above Citi Research's estimation, Citi Research issued a research report saying.

Blackwell chip sales were US$24 billion, US$20 billion ahead of the broker's forecast. Management also maintained its mid-70% gross profit margin target based on improved Blackwell chip profitability and the absence of major tariffs.

Citi Research projected Nvidia's share price to break its range bound trend since mid-2024 and hit a new 52-week high, on the back of gross profit margin expansion through the quarter ending January 2026.

The broker saw next week's Citi Silicon Valley bus tour and GTC Paris on 11-12 June , where European sovereign AI-related announcements are expected as positive catalysts for the stock.

Therefore, Citi Research raised its FY2027/ FY2028 EPS forecasts by 9%/ 5%, and elevated its target price from US$150 to US$180. The broker maintained its valuation at a PE ratio of 30x, and kept rating at Buy.
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AAStocks Financial News
Website: www.aastocks.com

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