Nvidia Stock Falls Despite Bullish Calls From KeyBanc and Susquehanna

Aug 20 Nvidia Corporation NVDA shares fell about 2.5% on Wednesday morning even as two Wall Street firms raised their price targets ahead of the company's quarterly earnings report next week.

KeyBanc Capital Markets lifted its target on the chipmaker to $215 from $190, while keeping an Overweight rating. Analyst John Vinh said he expects Nvidia to post strong fiscal second-quarter results for July but guide slightly below consensus for the October quarter. He noted that the company's outlook likely excludes revenue from China due to pending license approvals and uncertain timing.

According to Vinh, including China could add an incremental $2 billion to $3 billion in sales, driven by the H20 and RTX6000D processors.

Susquehanna also raised its price target, moving to $210 from $180, and kept a Positive rating. Analyst Christopher Rolland sees continued momentum across Nvidia's data center business.

Consensus estimates call for Nvidia to earn $1.01 per share on revenue of $45.92 billion in the coming quarter. The company is scheduled to release results on Aug. 27.