The analysts at Evercore ISI maintain their support for Nvidia (NVDA) prior to its upcoming February 26 earnings announcement even though the stock has fallen behind the S&P 500 by 9% during the past month (measured on February 7). The company points to three main barriers that explain investors’ negative performance on its stock.

1. DeepSeek’s impact on AI demand
2. ASICs devices are emerging as competitors to Nvidia GPUs in the market for AI computational operations.
3. Possible delays in Nvidia’s Blackwell architecture

The researchers at Evercore ISI maintained confidence in their long-term outlook for Nvidia after consulting with decision-making AI engineers at multiple top hyperscalers. Nvidia received a positive assessment from the firm after the earnings report which enabled the firm to list Nvidia on its “Tactical Outperform” section with an unchanged price target set at $190.