DA Davidson maintains a Neutral rating and $135 price target on Nvidia (NVDA), noting that although the company has made several announcements at CES, which bodes well for its presence in many AI categories that go beyond their current data center success, the company believes 2025 will be a peak year as its largest customers moderate spending into 2026. The company adds that Nvidia shares reacted poorly to the lack of a material update on Blackwell ships or the next generation of data center products in the company's CES presentation.
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