DA Davidson analysts reaffirmed a Neutral rating on NVIDIA (NASDAQ:NVDA), with a price target of $135 on the stock. The analysis reflects caution regarding NVIDIA’s growth prospects, particularly as 2025 could mark a peak year for the company’s performance, with 2026 projections appearing challenging.

The analysts reviewed their initial outlook from a year ago, noting that many concerns raised at the time still hold. While NVIDIA has experienced significant growth, the analysts remain among the more cautious voices on Wall Street, with 2026 estimates positioned as the lowest among analysts. This skepticism stems from potential challenges in sustaining current growth trends beyond 2025.

In the shorter term, investor attention is expected to center on supply-side issues. These include export restrictions on sales to China and reported quality concerns with Blackwell GPUs. However, the analysts note that supply constraints could potentially extend NVIDIA’s growth cycle as demand remains robust.

Despite NVIDIA's recent successes, DA Davidson advises caution, emphasizing uncertainties in maintaining momentum into 2026 and beyond.