Nvidia (NVDA) Stock: Tom Lee Says It’s Still Cheap After Blowout Earnings
TLDR
- Fundstrat’s Tom Lee calls Nvidia inexpensive, saying the P/E keeps contracting despite massive earnings growth
- Nvidia posted Q2 revenue of $96.2B, up 106% year over year, with adjusted EPS of $2.22, beating estimates
- Nvidia guided for ~$108B in current-quarter revenue, signaling continued AI infrastructure demand
- Blue Zone Wealth Advisors raised its Nvidia stake by 21.4% in Q2, to holdings worth ~$25.9M
- Analysts hold a “Moderate Buy” consensus with an average price target of $322.61; NVDA opened at $227.98 Friday
Fundstrat Head of Research Tom Lee is not backing down from his bullish call on Nvidia (NVDA). Even after a powerful rally and a blowout earnings report, Lee argues the stock is still cheap.
“The thing that stands out is that Nvidia’s multiple is still very low,” Lee told CNBC. “They’ve got these huge revisions. The stock hasn’t kept up. Now the P/E keeps contracting.”
NVDA opened at $227.98 on Friday. The stock’s 52-week range runs from $164.07 to a high of $236.54, giving it a market cap of $5.52 trillion.
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