Wolfe Reiterates Nvidia Outperform, Forecasts CY26-27 Upside from Rubin GPU Ramp
On February 4 Wolfe Capital reiterated an Outperform rating on Nvidia, citing a compelling valuation and intact long-term earnings trajectory for the AI chipmaker. The firm projects double‐digit estimate upgrades for CY26 and CY27 driven by continued unit growth and pricing tailwinds from the ramp of Rubin and Rubin Ultra GPUs.
1. Wolfe Maintains Outperform Rating
On February 4 Wolfe Capital reconfirmed an Outperform rating on Nvidia shares, highlighting that recent pullbacks have rendered its valuation attractive relative to projected earnings growth. The firm emphasized that its bullish stance is grounded in company fundamentals rather than short-term trading patterns.
2. Seasonal Performance Context
Wolfe noted that over the past three years the majority of Nvidia’s gains have occurred between January and August, which may explain underperformance in the last two quarters. Analysts urged patience as the seasonal cycle resets in early FY27.
3. CY26-27 Forecast Upside Drivers
The firm sees clear upside to CY26 and CY27 consensus estimates, driven by sustained unit shipments and significant pricing tailwinds. This outlook hinges on the market ramp of next-generation Rubin and Rubin Ultra GPUs, which are expected to command premium ASPs in data-center deployments.