Jefferies: Wall Street’s Expectation That NVIDIA Would Earn $200 Billion In Revenue In 2025 Assumes “Overly Aggressive ASPs”
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A hint of circumspection around NVIDIA appears to be creeping into the commentaries of the more discerning financial powerhouses that populate Wall Street. Consider the latest investment note from Jefferies, where the financial advisory firm adopts a markedly cautious tone vis-à-vis NVIDIA's prospects for 2025.
A few weeks back, Morgan Stanley saw NVIDIA shipping up to 450,000 units of the Blackwell GPUs in the December-ending quarter, and between 700,000 and 800,000 units of Blackwell GPUs in Q1'25.
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Fast-forward to this week, when Raymond James noted that it now saw NVIDIA shipping "around 100,000 Blackwell GPUs in 4Q, which is likely at the lower end of investor expectations." The investment bank, however, was decidedly bullish on NVIDIA's 2025 prospects:
Today, it is the turn of analysts at Jefferies to expound on NVIDIA's near-term prospects.
To wit, Jefferies analyst Blayne Curtis begins by reiterating that he expects the high-flying maker of GPUs to repeat the story that has consistently played out over the past few quarters, replete "with a beat and raise in the $2B range."
Curtis notes that Wall Street expects NVIDIA to earn at least $200 billion in revenue and $5 in earnings per share (EPS) in 2025, with some estimates reaching as high as $6 in EPS.
The Jefferies analyst then notes:
Curtis expects NVIDIA to ship ~6 million GPUs in 2025, which is lower than most estimates on Wall Street:
Despite his cautious tone, Curtis remains bullish on the GPU manufacturer's prospects, as evidenced by his reiteration of a 'Buy' rating for the stock with a target of $185 per share, up from an earlier peg at $150.
NVIDIA shares are down ~2 percent at the time of writing. Year to date, the stock is up a whopping 200
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