Nvidia's 'crypto overhang' appears to be over. Here's what Wall Street is saying about Nvidia's Q1 results.

Price Target: $215

Rating: Positive

"Somewhat surprising, implied Gaming guidance beat our expectations, helped in part by
a strong return of Nintendo Switch sales as the Japanese company is expected to launch
a cost-reduced version of the device," analyst Christopher Rolland wrote.

"While CPU shortages weighed a bit, management announced 100 notebook wins as their new laptop parts gain further traction (up from 40 announced at CES). While we previewed the many issues with GPU in the Data Center in C1H19 (primarily hyperscale digestion), we were positively surprised by the strong narrative around a ramp in their T4 inferencing product.

He concluded: "Overall, it has been a harrowing few quarters, but we remain long-term bulls on NVDA, as we believe in the A.I. inference opportunity, proviz upgrade cycle, and 7nm refresh coming this fall."

Price Target: $210 (previous $227)

Rating: Buy

"We continue to believe that NVDA will benefit from the secular drivers we outlined in our "4th Tectonic Shift in Computing" thesis, namely around demand for parallel processing in gaming, datacenters, autos and enterprises," analyst Mark Lipacis wrote.

"In the near term, we view management lowering the bar as a positive and expect the stock to appreciate as visibility improves and order rates increase."

Price Target: $200

Rating: Outperform

"Gaming came in ~$100M ahead of expectations which was close to our expectations," analyst Mitch Steves wrote.

"Negatively the pause in Data Center appears to be a bit longer, with the Company talking down expectations q/q and taking full year guidance off of the table. Notably, we think this is conservatism and if we were to take the long-term investor view, having the Data Center business snap back ~2 months later than expected is immaterial to the story."

He added that there are three focus questions: "1) if data center is down q/q next quarter and is growing y/y, how do we think about 2020 numbers if AMAT is suggesting DC growth); 2) can NVDA snap up to $1.3B in gaming revenue and exceed expectations of a normalized run-rate closer to $1.25B and 3) if opex is growing at high single digits in 2020E, will this continue in 2021 or increase back to double digits."

Price Target: $210

Rating: Buy

"The crypto overhang appears done and gaming is returning to q/q growth - a pleasant surprise to us," analyst William Stein wrote.

"NVDA rescinded its full-year sales guidance of "flat to slightly down" provided on the previous conference call; however, this was not much of a surprise as neither we nor consensus modeled such a strong 2H recovery," he added.