Report published August 27, 2026

NVIDIA Corporation (NVDA): J.P. Morgan Equity Research on F2Q27 Beat and FY28 Outlook

J.P. Morgan · August 27, 2026

NVIDIA reported robust F2Q27 results and guided F3Q27 above Street expectations, driven by strong Data Center demand and the initial ramp of Vera Rubin. J.P. Morgan reiterated its Overweight rating and raised its price target to $320 based on an updated FY28 growth framework of ~70% Y/Y.

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Finvaulta summarizes J.P. Morgan's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.NVIDIA posted strong F2Q27 results with revenue of $96.2B (+18% Q/Q, +106% Y/Y) beating consensus of $92.1B, led by Data Center acceleration.
2.Management introduced an initial FY28 revenue framework pointing to ~70% Y/Y growth (supply-constrained), while Vera Rubin production shipments commenced.
3.Gross margins are resetting lower near-term to 71-72% in F4Q27 due to memory cost inflation before rebounding to 72-73% in FY28 supported by price increases and secured HBM commitments.

NVIDIA Corporation
Overweight
Semiconductors & Semiconductor Capital Equipment / IT Hardware
Key Changes (FYE Jan)
Quarterly Forecasts (FYE Jan)
Style Exposure
Price Performance
Company Data
Key Metrics (FYE Jan)
Summary Investment Thesis and Valuation
Performance Drivers
Balance Sheet and Cash Flow
Appendix I: Comp and Group Valuation
Appendix II: Financial Tables
Investment Thesis, Valuation and Risks
NVIDIA Corporation: Summary of Financials
Explanation of Equity Research Ratings, Designations and Analyst(s) Coverage Universe

Report data

Key Metrics (FYE Jan) — as of August 26, 2026.

Metric	Estimate	Context
F2Q27 Revenue	96221 USD millions	Reported revenue solidly ahead of Street consensus of $92,293M.
F3Q27 Revenue Guidance	108000 USD millions	Guidance midpoint comfortably ahead of Street consensus.
Price Target	320.00 USD	Raised from prior Dec-26 price target of $280.00.
FY28E Adjusted EPS	15.87 USD	Forecasted full-year adjusted EPS for FY28.