Jefferies Cautious on NVIDIA's $200B Revenue Target for 2025

Jefferies analyst Blayne Curtis has expressed caution regarding Wall Street's optimistic revenue projections for NVIDIA in 2025, suggesting that the $200 billion target is based on "overly aggressive ASPs (Average Selling Prices)." While Curtis anticipates NVIDIA will continue its trend of exceeding expectations, he believes that Wall Street's estimates for 2025, ranging from $200 billion in revenue and $5 EPS to $6 EPS, may be overstated. "While we are positive on unit upside, many of these estimates might be assuming overly aggressive ASPs, stemming from misconceptions that NVDA would sell entire racks for the GB200 NVL." Curtis projects NVIDIA to ship approximately 6 million GPUs in 2025, leading to data center revenue closer to $180-200 billion, which is lower than the $205-215 billion range anticipated by others. Despite his cautious outlook, Curtis maintains a 'Buy' rating for NVIDIA stock with a price target of $185 per share, up from $150. "…