Nvidia Might Have Surpassed Q2 Expectations, But These Analysts Are Cautious – Here’s Why

Despite reporting a stronger-than-expected second-quarter result, Nvidia Corp. (NVDA) has reportedly drawn cautious reactions from Seaport Research, D.A. Davidson, Deutsche Bank, and HSBC amid concerns over future momentum and market conditions.

The chip giant posted better-than-expected second-quarter (Q2) earnings, with revenue of $46.7 billion and an adjusted earnings per share (EPS) of $1.05, both exceeding the analysts’ consensus estimate of $46.04 billion and $1.01, according to Fiscal AI data. 

However, according to a CNBC report, investor enthusiasm was dampened by weaker-than-anticipated returns from Nvidia’s pivotal data center division, as the firm missed the mark for Q2 in a row.

Nvidia stock traded over 1% lower by mid-morning Thursday. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory while message volume shifted to ‘extremely high’ from ‘high’ levels in 24 hours. 

The stock saw a 282% increase in user message count as of Thursday morning. A bullish Stocktwits called Nvidia a truly ‘amazing company.’

Seaport Research Partners maintained a ‘Sell’ rating, forecasting a 45% drop in its stock price from the current level. ”Nvidia printed a set of largely in-line results. The Blackwell ramp is underway and is progressing in-line with expectations, but as we have noted, there seems to be little scope for upside this year,” said Seaport. 

Deutsche Bank upgraded its price target to $180 from $155 but reiterated a ‘Hold’ rating. According to the CNBC report, the firm highlighted Nvidia’s technological edge in AI as a strength, while also noting that potential future revenue from China is not currently reflected in its projections.

HSBC offered a $200 target and kept its ‘Hold’ rating. The bank cited improved margins but noted that continued supply challenges and geopolitical uncertainties could impact near-term performance.

D.A. Davidson lifted its target from $135 to $195, maintaining a ‘Neutral’ stance. According to the report, the firm acknowledged growing concerns over H20 chip access in China but remained confident about the company’s demand over time.

Nvidia stock has gained over 33% in 2025 and 43% in the last 12 months. 

Also See: CoreWeave Stock Draws Spotlight After Nvidia’s Earnings: Here’s What The Chipmaker's CFO Colette Kress Said

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