Ahead of Nvidia ‘s highly-anticipated quarterly earnings release next Wednesday, Deutsche Bank is a rare Wall Street bank that’s staying on the sidelines in failing to recommend the chipmaker. Nvidia is slated to report results for the fiscal fourth quarter that ended in January after the market closes on Feb. 26. Jensen Huang’s company has had a sluggish start to 2025, with shares up just 4.3% after a selloff in January caused by the emergence of China’s DeepSeek artificial intelligence platform. But the stock has more than doubled over the last 12 months and remains a key AI name. Deutsche reiterated its hold rating on Nvidia in a research note on Thursday. The investment bank is in a small minority on Wall Street, where 56 out of 62 analysts covering the stock rate it a buy or a strong buy, according to FactSet data. The consensus price target is $172, or about 23% higher than where the stock closed on Thursday. Deutsche Bank is far less optimistic, sticking to a price target of $140 per share, close to where Nvidia finished Thursday. While analyst Ross Seymore sees string results from Nvidia, he also believes the company’s guidance for the current quarter ending in April will only match the Street’s estimates, leaving the stock with little room to climb. “We see limited upside in the [April-quarter] guidance given the ongoing complexities of the Blackwell ramp, with the buyside expecting ~flattish q/q guidance (off a higher [January-quarter] base),” Seymore wrote. “More importantly, despite the DeepSeek-related concerns on AI capital efficiency which arose in January, it appears that the large CSP/hyperscaler/AI co’s remain committed to their expansive capital budgets, with many reiterating tens of $ billion in capex in 2025 alone,” Seymore continued, referring to cloud service providers. Investors will question whether the high level of demand for Nvidia processors can be sustained in 2026 and future years, the analyst noted, which could challenge the stock’s upward trajectory. NVDA YTD mountain Nvidia shares in 2025 —CNBC’s Michael Bloom contributed to this report.
