• At least 14 Wall Street firms raised their Nvidia price targets after earnings, signaling strong conviction in AI-driven demand.
  • Target prices now range from $270 to $500, reflecting divergent views on the pace and scale of AI infrastructure buildout.
  • Nvidia's dominance in AI chips and data-center GPUs remains the key catalyst, though risks around competition and macro headwinds persist.

A Wave of Upgrades

Nvidia Corp. has become the center of a rally in analyst price targets, with more than a dozen firms boosting their outlooks for the chipmaker following its latest earnings report and a broader surge in AI infrastructure spending. Stifel lifted its target to $282 from $250, while Mizuho raised to $300 from $275. BofA Securities now sees the stock hitting $350, up from $320, and Raymond James increased to $330 from $323. Morgan Stanley, Bernstein, and RBC Capital also raised their targets, though more modestly, to $288, $315, and $270, respectively.

JPMorgan, Jefferies, KeyBanc, Melius, Needham, and Baird all joined the chorus, with Baird's jump to $500 from $300 standing out as the most aggressive. Benchmark pushed its target to $335 from $250, and Argus to $270 from $220. The upgrades come as Nvidia's flagship H100 and Blackwell GPUs remain in high demand from cloud providers and enterprise customers building out AI capabilities.

Divergent Scenarios

The wide dispersion in targets—from $270 to $500—reflects differing assumptions about the sustainability of AI capex cycles. More bullish analysts argue that hyperscaler spending will continue to accelerate, fueled by a shift from training to inference workloads. Others caution that competition from AMD and custom chips, along with potential regulatory scrutiny, could temper growth. “Nvidia is the clear leader, but we're watching for signs of demand peaking,” said one analyst who asked not to be named.

Market Impact

Nvidia shares have rallied roughly 150% over the past year, and the latest target revisions could provide further momentum. However, valuation remains elevated, with the stock trading at over 30x forward earnings. The company is expected to report its next quarterly results in late May, with investors keenly focused on guidance for the second half of the year. “If data-center revenue beats again, we could see another wave of upgrades,” a trader noted.

Correction: An earlier version of this article misattributed the $500 target to Melius; it was issued by Baird.