Evercore ups Nvidia price target to $190, would be buyers after earnings

Evercore ISI analyst Mark Lipacis raised the firm’s price target on Nvidia (NVDA) to $190 from $189 and keeps an Outperform rating on the shares. The firm continues to view Nvidia as a top pick post an October-end quarter 8% EPS beat and January-end quarter 1% outlook raise, stating that it would be “buyers coming out of the strong results.” The firm senses investor concern around diminishing returns of scaling LLMs, but Nvidia’s CEO made the case that pre-training scaling is intact and continues, and furthermore post-training scaling, which originally relied on human feedback, now uses AI feedback and synthetic data, which requires scaling, the analyst tells investors. In addition, consistent with the firm’s own sources, Nvidia reiterated Blackwell production in full steam as it now anticipates January quarter shipments ahead of prior expectations, the analyst added.