KeyBanc Reaffirms Nvidia Overweight Rating Amid Strong GPU Demand

Nvidia's stock has received renewed support from analysts at KeyBanc, who have reiterated an Overweight rating and $330 price target for the company.

The firm predicts that Nvidia will report strong results in its upcoming earnings report, driven by ramping shipments of its Rubin R200 GPU. R200 mass production began in July and is expected to contribute modest incremental revenue in the second fiscal quarter.

KeyBanc anticipates flat Blackwell shipments in the third fiscal quarter but expects a significant increase in R200 shipments, approximately 250,000 units quarter-over-quarter. The firm has also raised its full-year R200 shipment estimate to around 1.9 million units due to increased supply of HBM4 from SK Hynix.

KeyBanc believes the stock is undervalued relative to its growth rate, with a PEG ratio of just 0.29 and trading at 15 times fiscal 2028 earnings per share estimate. The firm sees a favorable risk-reward scenario for Nvidia's stock.