Nvidia Q4 results to be dominated by cloud, gaming - analysts
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Nvidia (NASDAQ:NVDA) is slated to report fourth-quarter results after the close of trading on Wednesday and analysts are expecting Jensen Huang-led company to focus on the cloud and gaming, as demand for its graphics chips continues to surge.
KeyBanc Capital Markets analyst John Vinh, who rates Nvidia overweight with a $350 price target, pointed out that market and macroeconomic conditions could interfere with the firm's price target, but that fundamentals are still strong.
"...[W]e project higher results and guidance, benefiting from the continued robust demand in auto, industrials, data center, and gaming, with improved supply," Vinh wrote in a note to investors, describing results from Nvidia, Analog Devices (NASDAQ:ADI) and Lattice Semiconductor (NASDAQ:LSCC). 
A consensus of Wall Street analysts expect Nvidia to earn $1.22 per share and generate $7.43 billion in revenue.
WestPark Capital analyst Ruben Roy, who reiterated his buy rating and $365 price target, said that another strong earnings report and outlook from Nvidia would be driven by positive demand for the cloud data center and "sustained demand for NVDA's high-end gaming GPU cards."
"Like last quarter, our checks indicate that overall GPU (data center and RTX gaming) supply has been improving and we believe that overall demand continues to outstrip supply," Roy wrote in a note to clients, while adding that the firm is raising its estimates for fiscal 2023.
Wells Fargo analyst Aaron Rakers, who has an overweight rating and a $370 price target, said that he expects "solid" results from Nvidia, which competes in the graphics space with the likes of Advanced Micro Devices (NASDAQ:AMD).
"We think this has been market / geopolitical driven rather than a change in company-specific investor sentiment in NVDA as an upside momentum story," Rakers wrote. "With that said, we see a positive risk-reward set-up in shares of NVIDIA as we expect the company to provide investors with another beat-and-raise quarter and further confidence in the company's continually deepening platform / growth narrative."
The analyst added that data center momentum and the outlook for Nvidia's Ampere GeForce RTX 3xxx-Series will be the primary topics of mind for investors.
Earlier this month, Nvidia said it would not go ahead with its planned acquisition of chip-design firm, Arm, citing regulatory scrutiny around the world.