Investing.com — Wall Street strategists at Wolfe Research, Bank of America, and Citi are bullish on Nvidia shares, saying that the company’s growth outlook remains strong and that concerns over China export restrictions are “irrelevant” to its near-term earnings.
Wolfe Research analyst Chris Caso said in a note that Nvidia’s recent disclosures at its GTC event “suggest clear upside to current consensus estimates” for 2026.
The firm estimates about $300 billion in revenue from Blackwell and Rubin chips next year, implying around 20% upside to its previous forecasts.
“We think this supports ~$8 CY26 EPS as a base case, putting the stock at a very reasonable 25x that earnings power,” Wolfe wrote.
The research house added that Nvidia’s growth is being driven by both volume and pricing.
It estimates that average selling prices are rising “more than 50% generation-on-generation” from Blackwell to Rubin, while a possible reintroduction of a China-oriented GPU could further boost sales.
Wolfe concluded that Nvidia’s data center revenue in 2026 could exceed forecasts by up to $85 billion, translating to “around $8.00 EPS (~30% upside to our current estimates).”
Bank of America also reiterated its buy rating on Nvidia, with analyst Vivek Arya calling recent skepticism about artificial intelligence spending “healthy but overstated.”
Arya said Nvidia’s $500 billion in data center orders for 2025–26 point to robust demand, with earnings capable of growing 70% year-on-year.
“The daily noise around China restrictions is unhelpful but irrelevant to the near/medium financial estimates in our view,” Bank of America wrote, adding that Nvidia’s valuation remains “undemanding” given its long-term growth potential.
Meanwhile, Citi’s Atif Malik believes investors should “buy into the print,” ahead of Nvidia’s earnings release on November 19.
“Our estimates continue to assume zero China data center sales,” said the bank. “We open an Upside 30-day ST View on NVDA shares on ‘beat and raise’ results.”
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