Nvidia added to ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI is a buyer of Nvidia (NVDA) into the company’s earnings call scheduled for February 26, noting that the stock had underperformed the S&P 500 by 9% over the past month as of February 7. The firm attributes this underperformance to three investor concerns, namely that DeepSeek lowers AI demand in aggregate, DeepSeek shifts AI compute-cycles away from Nvidia GPUs and to ASICs, and Blackwell delays, the analyst tells investors. After having conducted a dozen channel checks with senior AI engineers at the top hyperscalers, the firm said the checks are consistent with its long-term thesis and it expects a positive report and outlook on the company’s call, so it adds the stock to the firm’s “Tactical Outperform” list and maintains an Outperform rating and $190 price target on Nvidia shares.