Nvidia Stock Trade Choppy Ahead of Earnings, $180 Holding Firm

Nvidia (NVDA) is experiencing volatile trading as markets brace for its upcoming earnings report, scheduled for Wednesday, November 19th. The stock price has seen fluctuations, with the $180 level serving as a key support. This price action reflects a mix of anticipation and uncertainty surrounding the company's financial performance and future outlook.

Analysts are projecting an impressive average earnings per share (EPS) of $1.25, up from last year's $0.81. With revenue estimates soaring to $54.89 billion and a remarkable 56.46% anticipated sales growth year-over-year, Nvidia's performance is set to highlight its strong market position and robust demand for its cutting-edge technology, making it a pivotal event.

Institutional investment activity provides further insights into market sentiment. Appaloosa Management, led by David Tepper, recently disclosed an increased stake in Nvidia as of September 30th.

This move signals confidence in Nvidia's long-term prospects. Appaloosa's broader portfolio adjustments included new positions in companies such as AMD, Fiserv, and American Airlines, while exiting positions in Intel, Oracle, and KE Holdings. Nvidia now ranks among Appaloaloosa's top holdings, alongside Alibaba, Amazon, Whirlpool, and Alphabet.

Analyst upgrades have also contributed to the positive sentiment surrounding Nvidia. Oppenheimer raised its price target on Nvidia to $265 from $225, maintaining an Outperform rating. The firm anticipates that Nvidia will surpass consensus estimates for Q3 sales and EPS, projecting $54.7 billion and $1.25, respectively, and for Q4, projecting $61.5 billion and $1.42, driven by the new GB300 Ultra. They highlighted the continued capex upside from CSP/hyperscalers reflecting significant AI demand.

Oppenheimer noted that Nvidia's rack-scale NVL72 remains the leading performance/watt solution for AI, while its supply remains constrained amid growing backlogs. The firm emphasized the exponential growth drivers of reasoning and agentic AI, creating a strong adoption cycle. Oppenheimer also pointed out that the China market, representing over $50 billion in opportunity, is currently not factored into their model.

Susquehanna also increased its price target on Nvidia, raising it to $230 from $210, while maintaining a Positive rating. The firm updated its model ahead of earnings, citing the accelerating ramp of the GB300 in the second half of 2025. Additionally, CEO Jen Hsun's visibility into greater than $500 billion of Blackwell and Rubin revenue through CY26 suggests further upside potential.

The combination of institutional accumulation, positive analyst ratings, and robust market demand for AI solutions paints a constructive picture for Nvidia. However, the stock's choppy trading ahead of earnings suggests that the markets are weighing potential risks and uncertainties.

Analysts will be closely watching Nvidia's earnings report for confirmation of its growth trajectory and guidance for future performance. The company's strategic initiatives in the AI sector and its ability to capitalize on the growing demand for AI solutions will be crucial factors influencing the stock's trajectory in the near term.

Ultimately, Nvidia's ability to meet or exceed expectations in its upcoming earnings report will likely determine whether the $180 support level holds and if the stock can resume its upward momentum, solidifying market confidence.