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DA Davidson suggests that Nvidia stock could reach its peak in 2025, expressing ongoing caution about the company's long-term performance. While Nvidia has shown exceptional growth recently, the firm remains skeptical about its ability to meet 2026 expectations, describing its outlook for that year as "street low."
Since initiating Neutral coverage on Nvidia in January 2024, DA Davidson has maintained its conservative stance, setting a $135 target for the stock, reflecting a 35x multiple. Analysts highlight concerns about Nvidia's ability to align with consensus estimates for 2026 and beyond. While 2025 may mark a peak, sustaining growth appears challenging.
Primary concerns include supply-side disruptions, such as sales restrictions to China and quality issues with Blackwell chips. However, the firm notes these disruptions could extend the demand cycle in the short term, potentially delaying a decline in momentum.
DA Davidson underscores that short-term investor focus will likely remain on supply limitations and product quality concerns, while longer-term growth hinges on sustained demand. Despite Nvidia's current success, the firm predicts a slowdown by 2026, emphasizing that challenges in navigating supply and regulatory hurdles could impact the company's trajectory.
