11:25 AM EDT, 05/22/2025 (MT Newswires) -- Nvidia's ( NVDA ) ability to grow sales to offset the loss of H20 chip sales to China will be in focus when the company releases its Q1 results on May 28, Wedbush said in a report Thursday.

"The primary question around results and guidance is can NVDA lift sales enough to offset the loss of H20/China business," Wedbush analysts said.

They said H20 demand was running ahead of expectations into early April when the US announced a ban on sales into China. They also said Blackwell, if anything, has ramped better than anticipated following some initial stumbles.

"We remain comfortable with our CQ1 and consensus estimates at $43B," the analysts said, adding that they were less certain about Q2 amid the loss of China sales.

"We also believe NVDA's Q2 revenue outlook matters less, as investors become more confident around NVDA's intermediate term growth outlook following recent announcements around planned AI data center investments," they said.

Wedbush kept its outperform rating with a price target of $175.

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