Nvidia’s third-quarter results out Wednesday will be consequential for investors who are growing increasingly concerned about the artificial intelligence-powered bull market. The company, which makes up roughly 8% of the S & P 500 , is expected to boast strong data center sales on the back of meaningful demand for its upcoming chip cycle. If that happens, it could lift hopes that the AI trade has more room to run. Shares of Nvidia are down more than10% in November as the chipmaker has fallen under pressure amid a broader pullback in the tech sector. The once-hot stock, which is still up about 36% this year, is battling concerns about elevated AI valuations, data center supply and demand dynamics, the rate of depreciation of its graphics processing units, and growing competition with other hyperscalers. Although Nvidia has not been the market’s favorite AI trade this year, analysts covering the name see a recovery ahead. Of the 65 analysts that cover the stock, 22 rate it a strong buy, while 33 have a buy rating on the name. Five analysts maintain a hold rating, while one has an underperform. Their average consensus price target of $231.33 suggests about 26% upside ahead. NVDA 1Y mountain Nvidia stock performance over the past year. As of Tuesday afternoon, analysts polled by LSEG, on average, expected Nvidia to earn $1.25 per share on sales of $54.9 billion. That would reflect a year-over-year sales increase of 56%. As important, analysts predict Nvidia will forecast revenue of $61.44 billion for the January quarter, which would be an acceleration in sales growth. JPMorgan analyst Harlan Sur is one of several analysts who are bullish on demand trends, as he expects AI data center spending is still in the early innings of a multiyear ramp up. He said many of Nvidia’s largest customers remain capacity constrained. Nvidia CEO Jensen Huang said in October that his company has $500 billion in orders in 2025 and 2026 combined for its chips. However, even if Nvidia delivers an impressive report, some analysts suspect the market’s high bar for AI announcements could lead to muted stock moves. Deutsche Bank analyst Ross Seymore said more important than Nvidia’s results and forecast will be “any additional clarity” around deals it’s made with Intel, OpenAI and other companies. “We believe investors are increasingly cautious surrounding a feared ‘AI bubble,’ with this earnings season showing more scrutiny on the massive CapEx investments deployed by hyperscalers (albeit with these not seemingly slowing down),” Seymore wrote in a Sunday note to clients. Take a look at what other Wall Street majors are saying: Citi: Buy rating, $220 price target “NVDA continues to standout out as the most advanced AI platform for both training and inference. Going from LLM training, image generation, recommender systems, computer vision and graph neural networks, NVIDIA’s GB300 led across all MLPerf tests,” analyst Atif Malik said in a Nov. 12 note to clients. “At a system level, NVIDIA GB300 NVL72 also delivered the highest throughput on all inference tests, demonstrating technology leadership beyond the chip level.” JPMorgan: Overweight rating, $215 price target (Dec. 2026) “Another solid beat-and-raise is in the cards, in our view, with the magnitude of potential upside again likely being governed by the extent to which NVDA’s supply chain can scale up in a 3-month period,” Sur wrote in a Monday note. “We consequently expect the stock to key more to management’s framing of the trajectory for the BW/BWU ramp into F1H27 (C1H26), and the manner in which questions around investors’ key concerns are addressed, including the sustainability of growth in AI spending (the JPM global team concluded in a recent deep dive that funding sources will be ample through 2030), the impact of power constraints on DC infrastructure rollouts given an estimated ~120 GW of capacity slated to come online over the next five years (current lead times for new natural gas turbines have ballooned to 3-4 years, and nuclear plants have historically taken 10+ years to build), and the effect (if any) of component cost inflation (memory, wafers, etc.) on gross margins.” Bank of America: Buy rating, $275 price target Analyst Vivek Arya is looking for Nvidia’s management to give investors reassurance around demand and supply, particularly as the stock faces high earnings expectations and skepticism around AI capex. “NVDA is the only merchant chip supplier with proven full-stack, rack-scale execution in large AI clusters, first with Blackwell (GB200), then with Blackwell Ultra (GB300) and next year in Vera Rubin (VR), so 3 gens of experience by 2HCY26E. Cloud capex worries tend to be seasonal in nature (highest in Q4) – sorted when new year starts and cloud customers give their capex outlooks. Third, NVDA valuation remains compelling at 27x/21x PE our CY26/27E, essentially a market multiple for the leading franchise in the fastest growth cycle globally trading ~0.6x CY27 PEG on ~40% EPS growth vs. SPX ~2x,” Arya wrote in a Friday note to clients. Deutsche Bank: Hold rating, $180 price target Seymore, who has a more tempered price target on Nvidia shares for now, said he expects a steady beat and raise from the chipmaker. “Overall, while NVDA likely will not be able to quell concerns surrounding hyperscaler CapEx, we believe continued partnerships and deployments of their industry-leading Data Center systems will continue to position them as the most heavily watched names in semis,” the analyst wrote. “However, we continue to believe that while trading at 28x times the stock remains fully valued, and look forward to revisiting our PT and Hold rating after earnings.” Baird: Outperform rating, $225 price target “Our industry feedback points to incrementally positive demand trends for GB200/GB300 and incrementally positive demand outlook for Vera Rubin, which remains on track for a 2H26 ramp. We continue to think $200B in AI-related revenue is possible for this year for Nvidia, and this outlook continues to be embedded in our forecast,” analyst Tristan Gerra said in a Monday note.
Nvidia reports third-quarter results after the bell. Here’s what Wall Street expects
