Analysts boost Nvidia price targets on strong demand outlook, say ‘narrative is clearly nowhere near its end’

Wall Street analysts are turning more bullish on Nvidia yet again following another strong guide from the chipmaking behemoth. The artificial intelligence darling beat earnings and revenue estimates for its fiscal first quarter — and showed no signs of a slowdown in momentum by issuing strong guidance. For the current quarter, Nvidia said it expects revenues to come is at $28 billion, ahead of $26.61 billion from LSEG. Some Wall Street analysts had feared a potential “air pocket” — or slowdown in demand — for Nvidia’s chips heading into the print as the company transitions into the ramp of its Blackwell chips. Some also voiced concern of a slowdown as Nvidia laps the anniversary of its initial blowout print, but the results seemed to signal healthy ongoing momentum that prompted Wall Street shops to boost their price targets. NVDA YTD mountain Nvidia shares this year “A strong beat and raise directly in line with our checks further emphasizes the strong desire for AI investments across the broader ecosystem,” wrote Barclays analyst Tom O’Malley as he lifted the firm’s price target to $1,200 a share. Shares of Nvidia have rallied 92% this year as AI enthusiasm persists. The stock popped 7% before the bell and topped $1,000 for the first time ever in extended trading. The company also announced a 10-for-1 stock split , with shares up more than 209% over the last year. Following the results, Bernstein’s Stacy Rasgon moved to a $1,300 target on shares, citing favorable results and commentary surrounding Blackwell that mitigated the air pocket fears and as the “general story remains on fire.” The adjusted target reflects 37% upside from Wednesday’s close. “The narrative is clearly nowhere near its end, or likely nowhere near its peak,” he wrote, adding that shares appear inexpensive. Jefferies analyst Blayne Curtis moved to a $1,350 target, citing a strong Blackwell ramp and expectations for an acceleration in “magnitude of beats” in the second half of the year as the platform hits the market. The adjustment reflects 42% upside from Wednesday’s close. Citi’s Atif Malik adjusted his price target to $1,260, while JPMorgan’s Harlan Sur revised his target to $1,150 from $850 as demand for Nvidia’s tools continues to outweigh supply. Goldman Sachs analyst Toshiya Hari moved to $1,200 a share as new products power growth in the company’s data center business. “We were more impressed with the increasing breadth of the customer demand, with enterprise/enterprise verticals driving strong Q/Q growth in addition to consumer internet hyperscalers,” Sur wrote. “More importantly, the team noted that demand will continue to outstrip supply into CY25, and potentially easing fears of an inventory build/ correction in the 2H of next year.” NVDA 1Y mountain Shares over the last year Morgan Stanley’s Joseph Moore lifted his price target to $1,160 from $1,000 a share, calling recent lead time and supply chain commentary surrounding Nvidia’s product transition “flat out misleading.” He expects Nvidia’s Blackwell chips to be sold out through 2025. More also expects the Blackwell transition to add “durability to the story” as hyperscalers up 2025 spending expectations and the inference stage of AI enters its early phases. The solid earnings performance justifies the stock performance and shows limited multiple expansion relative to some other AI semiconductor players, he added. “While it’s large enough market that competitors can succeed or even gain share, NVIDIA remains the standard bearer for multifaceted AI,” he wrote. “All of that keeps us positive on the opportunity, and with the rally in other compute names with AI exposure, NVIDIA actually becomes easier to rationalize.” Nvidia’s results lifted the broader chip sector, with the VanEck Semiconductor ETF (SMH) trading 3% higher in the premarket. Micron Technology and AMD were also up 3%.