2026년 2월 24일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
GF Securities believes Nvidia (NASDAQ:NVDA) could be approaching an important inflection point as both its upcoming quarterly results and the GTC event draw near. Analyst Jeff Pu noted that the shares have underperformed the SOX since November 2025, yet he continues to recommend staying long. In his view, the setup is supported by what he describes as strong near-term quarters, intact progress on Rubin and VR200, and an improving financial outlook for non-tier-1 cloud service providers such as OpenAI. Pu reiterated his Buy rating and raised his price target to $295, signaling confidence that recent relative weakness may not fully capture the company's operating momentum.
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Looking at the numbers, Pu expects what he characterizes as a moderate beat-and-raise quarter. He models revenue of $67.4 billion versus company guidance of $65 billion and analyst estimates of $66.2 billion. For the following quarter, he projects revenue of $78 billion, ahead of the $75.6 billion consensus. He also anticipates April-quarter gross margins in the mid-70% range, supported by the pass-through of higher memory costs. Demand trends, in his assessment, remain favorable, with continued strength in Blackwell, resilient H200 demand, and a smaller contribution from Rubin.
Beyond the earnings print, attention could shift to product strategy at GTC. Pu expects Nvidia to potentially launch a language processing unit designed to strengthen its inferencing portfolio. He also assigns a 50/50 probability to announcements related to co-packaged optics for scale-out switches and scale-up configurations, alongside further reiteration of Rubin. If these developments materialize and the company delivers on revenue expectations, the combination could act as near-term catalysts for sentiment, particularly after a period in which the stock has lagged the broader semiconductor benchmark.
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