‘Solid as Ever,' Say Top Analysts After Nvidia's Q1 Beat and Strong Blackwell Ramp
American semiconductor giant Nvidia (NVDA) impressed investors with its robust Q1 FY26 results despite ongoing U.S. export restrictions. Revenue rose 69% year-over-year to $44.1 billion, while EPS came in at $0.81, ahead of the $0.74 consensus. The company also confirmed that its next-gen Blackwell chips are now in full production, helping boost its performance. For Q2, Nvidia guided for $45 billion in revenue (±2%), slightly below the Street's $45.66 billion forecast. The shortfall is tied to an expected $8 billion impact from China-related export controls.
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Following the Q1 print, the stock jumped about 5% in after-hours trading. Two Top analysts raised their price targets, highlighting the company's solid execution and the steady growth in Blackwell demand. Despite ongoing global risks, analysts say Nvidia's strong fundamentals and steady Blackwell ramp show the company remains solid as ever in the market.
Analysts Lift NVDA's Price Target on Core Growth and Blackwell Demand
Mizuho analyst Vijay Rakesh raised his price target on Nvidia to $170 from $168 and kept a Buy rating. The five-star analyst remained optimistic following the Q1 print, describing the company's $45 billion revenue forecast for the July quarter as 'BETTER than some concerns,' particularly given the drag from ongoing U.S. export restrictions to China. Rakesh noted that Nvidia's Blackwell ramp stood out this quarter. The new architecture now makes up 70% of shipments, showing strong adoption.
Although Nvidia faces an estimated $8 billion revenue impact this quarter due to the China ban, Rakesh believes the damage will be 'partially offset' by continued global rollouts of Blackwell. He added that cloud service providers are now deploying over 1,000 Blackwell-based racks per week, and the upcoming launch of the GB300 Ultra should support momentum.
Similarly, Piper Sandler's Top analyst Harsh Kumar echoed this view, lifting his price target to $180 from $150 and reaffirming an Overweight rating. He applauded Nvidia's 'strong April quarter,' which exceeded expectations even with the China-related challenges. According to Kumar, the company's core business remains solid, fueled by 'insatiable demand for inferencing' across major partners and customers. Kumar also pointed to improved control over Blackwell manufacturing, which should help gross margins rebound to 72% in the July quarter.
In terms of guidance, Kumar believes Nvidia's $45 billion revenue forecast is strong, even though it falls just short of the Street's $45.8 billion estimate. He notes that after excluding the $8 billion impact from China restrictions, Nvidia's revenue is set to grow 22% sequentially, marking its fastest pace in the last six quarters.
What Is a Good Price for NVDA?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVDA stock based on 32 Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average NVDA price target of $164.21 per share implies 21.81% upside potential.
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