Nvidia Stock: Last Chance to Buy NVDA Before It Smashes Q2 Earnings Expectations?

Nvidia (NVDA) is set to report its fiscal second-quarter results after the market closes today, with Wall Street expecting another strong quarter. Analysts expect Nvidia to report $92.27 billion in revenue, representing roughly 97.4% year-over-year growth. Adjusted earnings are expected to reach $2.09 per share, nearly double the year-ago figure of $1.05. Nvidia has a solid track record of beating analysts' expectations over the past eight quarters, raising the question of whether investors have a final opportunity to buy NVDA ahead of another potential earnings-driven move.

Apart from the Q2 beat, investors will likely focus on Rubin shipments, gross margins, AI demand, and Nvidia's outlook for Q3. However, beating expectations has not always been enough to lift the stock. Nvidia shares have fallen following each of the past four earnings reports, highlighting the high bar investors have set for the upcoming results.

According to TipRanks Options Chain, options markets are currently pricing in a 5.92% move in NVDA stock in either direction following the results.

Analysts Expect a Strong Q2 Beat

Several Wall Street analysts are entering the results with expectations above consensus. Raymond James analyst Simon Leopold recently reiterated a Strong Buy rating and raised his price target to $352 from $330. He sees growing potential in Nvidia's CPU business, which could rise from about 3% of sales today to 5% by 2028 and become its fastest-growing segment. He also sees the stock as undervalued, trading at less than 15x CY27 earnings versus 18.6x for the S&P 500, despite expected growth of more than 20%.

KeyBanc analyst John Vinh is also bullish, maintaining a Buy rating and $330 price target. Vinh expects Nvidia to deliver strong results and guidance, forecasting $97.8 billion in Q2 revenue, about $5.5 billion above Wall Street estimates. He expects revenue to reach $110 billion in Q3, helped by the ramp-up of Nvidia's next-generation Rubin GPUs.

Mizuho Securities analyst Vijay Rakesh reiterated his Buy rating on Nvidia, citing strong revenue and gross-margin tailwinds ahead of the results. He believes Nvidia's $500 billion financing deal involving Apollo (APO) and BlackRock (BLK) could support roughly 8.3GW of additional AI capacity, potentially creating meaningful demand for Nvidia's chips.

Is NVDA a Buy Before Earnings?

On TipRanks, NVDA has a Strong Buy consensus rating based on 29 unanimous Buy ratings. The average Nvidia price target of $304.67 implies 43% upside potential from current levels. Year-to-date, NVDA shares have gained 14.4%.