• Wall Street consensus forecasts approximately $55 billion in Q3 revenue and $1.25 EPS, with data center sales expected to contribute around $49 billion.
  • Major firms including Bank of America, UBS, and CFRA maintain buy ratings, citing Nvidia's market dominance and strong long-term prospects from new chip architectures.
  • Despite investor caution over high expectations, analysts see no near-term slowdown in AI demand, with Deepwater Asset Management pointing to $500 billion in booked GPU orders.

Ahead of Nvidia's highly anticipated fiscal third-quarter earnings report, a chorus of Wall Street analysts is reaffirming bullish stances, even as some investors grow cautious about the semiconductor giant's ability to continually surpass towering expectations. The consensus view projects revenue near $55 billion and earnings per share of approximately $1.25, with the data center segment—the engine of its growth—forecast to deliver about $49 billion.

Bank of America reiterated its Buy rating and $270 price target, arguing that Nvidia remains undervalued given its commanding position in the AI infrastructure market. The firm expects strong long-term growth to be fueled by the company's upcoming Blackwell and Rubin GPU architectures. Similarly, UBS anticipates revenue will slightly exceed consensus, landing around $56 billion, with margins remaining elevated. The firm maintains a $230 price target and advises clients to stay bullish on the stock.

"The fundamental demand picture for AI acceleration remains robust, and we see no near-term signs of a slowdown," said one analyst familiar with the matter, who requested anonymity to discuss proprietary research. This sentiment was echoed by DA Davidson, which holds a $250 price target and expects Nvidia to maintain its lead despite rising competition and ongoing geopolitical risks related to China.

CFRA also maintained a Strong Buy rating and a $270 price target, forecasting another earnings beat and a powerful financial outlook for 2026. The most optimistic take comes from Deepwater Asset Management, which contends that Wall Street may still be underestimating the company's trajectory. Deepwater pointed to CEO Jensen Huang's bullish forecasts for 2026 demand and the staggering $500 billion in booked GPU orders as evidence that the growth narrative is far from over.

The overarching analyst confidence stands in contrast to a palpable sense of investor jitteriness. With Nvidia's stock having experienced significant volatility around previous earnings announcements, the market is keenly aware that any guidance shortfall could trigger a sharp correction. The company's ability to once again deliver a "beat and raise" quarter—surpassing estimates and providing strong forward guidance—is seen as critical for sustaining its momentum.

Efforts to reach Nvidia for comment on the analyst reports were unsuccessful. The company's earnings release, and particularly its commentary on the demand durability for its next-generation chips, will be scrutinized as a key barometer for the entire AI sector.

Correction: An earlier version of this article misstated the fiscal year for the upcoming earnings. It is for Q3 of fiscal year 2026.