Banking giant Goldman Sachs is reiterating its bullish stance on US tech giant Nvidia (NVDA) following the company receiving a license to export its H20 chips to China.
The United States Department of Commerce (DOC) has begun issuing licenses to Nvidia to export chips to China late last week, Reuters reports, citing an unnamed US official.
[adinserter block="1"]Two people with knowledge of the matter also told Reuters that Nvidia CEO Jensen Huang met with President Donald Trump shortly before the licenses were issued.
Following the news, Goldman Sachs revealed its price target for NVDA, forecasting that the firm would beat Q2 earnings expectations, set to be released near the end of the month.
Goldman Sachs analyst James Schneider also notes that Blackwell, Nvidia’s newest generation of GPU architecture, will likely be a boon for NVDA.
“We expect investors to focus on the underlying Blackwell ramp and gross margin implications in 2H, plus the pending China ramp. We believe investor expectations are high heading into the quarter given a strong Blackwell ramp and upside to hyperscaler CapEx reports.
We expect Nvidia to deliver a clean beat-and-raise quarter, with the stock reaction likely hinging on the level of upside to guidance and impact from China (if any) – and we increase our estimates.”
Schneider is currently targeting the $200 level for NVDA, nearly a 10% move from current prices.
NVDA is trading at $183 at time of writing, up 32% on the year.
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