Citi keeps a Buy rating on Nvidia with a $150 price target ahead of the July quarter earnings report on August 28. The firm sees $1B of upside to Street sales estimates but below the $2B beat in the last four quarters based on supply chain comments and Blackwell delay concerns. Citi expects Street estimates to go higher for the next two quarters post the earnings print and for Blackwell comments to reassure investors on a strong 2025 outlook for Nvidia. It believes the stock will then make fresh 52-week high.
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