Key Takeaways
- Nvidia’s Q1 FY27 earnings release is scheduled for Wednesday, May 20.
- Analyst consensus points to EPS of $1.75, representing more than 100% year-over-year growth, with revenue estimates around $78.85 billion.
- Matt Bryson from Wedbush anticipates results will exceed expectations, projecting EPS above $1.80 and revenue surpassing estimates by at least $2 billion.
- Morgan Stanley named NVDA its “top pick,” while both KeyBanc and D.A. Davidson upgraded their price targets to $300.
- Trading at $222.23 on Monday, NVDA shares carry potential upside of 26–35% according to various Wall Street firms.
Nvidia’s fiscal first quarter 2027 results arrive Wednesday, May 20, drawing intense scrutiny from investors and analysts alike. Shares dipped 1.3% to close at $222.23 on Monday, though analyst optimism remains elevated.
Wall Street consensus projects earnings of $1.75 per share — representing more than a doubling from the same period last year — alongside revenue of approximately $78.85 billion, marking year-over-year expansion exceeding 75%.
Wedbush’s Matt Bryson believes these projections underestimate Nvidia’s performance. On Monday, he maintained his Buy recommendation with a $300 price target, suggesting roughly 35% appreciation potential from current trading levels.
Bryson’s internal forecasts place Q1 EPS north of $1.80, up from his earlier $1.74 projection. He also anticipates revenue will exceed his $78.01 billion estimate by a minimum of $2 billion.
For the second quarter, Bryson models earnings at $1.84 per share with revenue reaching $82.12 billion. His outlook assumes AI infrastructure investments will maintain momentum throughout 2027.
He acknowledged certain headwinds — including ambiguity surrounding Middle Eastern projects and possible Chinese market constraints. However, he believes any clarity on these fronts would more likely accelerate AI expenditures rather than hinder them.
Manufacturing Constraints Managed Effectively
Bryson also evaluated supply chain dynamics. He observed pervasive bottlenecks affecting the AI hardware sector broadly, encompassing shortages in cutting-edge processors, memory modules, optical components, and storage drives.
Nevertheless, he indicates Nvidia has successfully navigated these challenges better than competitors — a sentiment reinforced by D.A. Davidson’s Gil Luria, who elevated his price target from $250 to $300.
“Nvidia understood the demand patterns first,” Luria observed, highlighting the company’s early adaptation to memory constraints and its exploration of selling CPUs as independent product offerings.
KeyBanc’s John Vinh similarly increased his target from $275 to $300, pointing to robust appetite for Blackwell Ultra GPUs and the commencement of Rubin GPU deliveries. His Overweight rating remains intact.
Inference Strategy and Computex Developments
Beyond topline metrics, market participants are eager to understand Nvidia’s approach to AI inference — the deployment phase of models rather than training — where competitive pressure is intensifying from entrants like recently public Cerebras Systems.
Joe Moore at Morgan Stanley, who designated Nvidia as his firm’s “top pick” in March, anticipates a “typical beat and raise pattern” and increased his price target from $260 to $285. His rating stands at Overweight.
Moore noted that rekindling investor excitement around Nvidia has required time, as optical networking firms and adjacent AI infrastructure companies have captured recent market attention.
Vinh from KeyBanc predicts Nvidia will unveil standalone CPU server racks during Taiwan’s Computex conference in early June — representing a significant strategic expansion beyond its GPU core business.
Paul Meeks at Freedom Capital Markets highlighted that Nvidia currently trades near 20 times anticipated fiscal 2028 earnings, with adjusted earnings growth projected at 73% for FY2027 and 36% for FY2028.
The Street’s aggregate rating on NVDA stands at Strong Buy — comprising 40 Buy recommendations, one Hold, and one Sell over the trailing three months. The mean 12-month price target reaches $281.59, implying 26.6% upside from present levels.
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