NVIDIA stock has had a tumultuous few weeks, and Friday was no exception. Shares fell another 4%, putting the stock price nearly flat for 2025 at $134.
But Wall Street is remaining calm -- and bullish -- ahead of the chip maker's earnings next week.
The shares tumbled 17% in a single day last month as Chinese artificial-intelligence start-up DeepSeek's new model spooked tech investors. Since them, the stock has recouped most of its losses from that day. Over the past year, shares are up 99% as of Friday's close.
Investors may have panicked, but analysts have generally agreed with Barron's that DeepSeek wouldn't significantly affect Nvidia's dominant AI position.
A flood of Wall Street previews of the company's fourth-quarter results, which are expected after the close on Wednesday, suggest that investors shouldn't expect any particular revelations.
"We are unlikely, in our view, to see a strong positive catalyst to shares out of earnings," wrote Stifel analyst Ruben Roy in a research note on Thursday.
Roy said he expects an "uneventful" report as expectations have shifted for Nvidia's sales of its newest Blackwell chips to ramp up in the second half of the year.
That doesn't mean Roy is bearish, as he reiterated a Buy rating and $180 target price on the stock. However, those hoping for a catalyst for the shares could have to wait for Nvidia's GTC -- GPU Technology Conference -- event in March, when the company is more likely to provide updates on its future chips and customer adoption.
Analysts covering the stock have an average price target of $175.39, according to FactSet data, implying 25% upside to Thursday's closing price. It has been around that level since early in the year, ticking higher Thursday as KeyBanc analyst John Vinh raised his target to $190 from $180.
There are likely to be market nerves given the high expectations around Nvidia and the AI threat coming from China. But Wall Street, at least, appears confident.
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