• TD Cowen raises its price target on Nvidia (NVDA) to $235 from $175, maintaining a Buy rating.
  • The firm sees Nvidia as the best-positioned company to beat near-term earnings expectations, with a cleaner setup than peers.
  • Strong fundamentals and a smooth rollout of the new Blackwell architecture underpin the bullish outlook.

Analysts at TD Cowen are doubling down on their conviction for Nvidia Corp., significantly raising their price target on the semiconductor giant in a move that underscores the firm's dominant position in the artificial intelligence hardware race. The new $235 target, up from $175, reflects a growing confidence that Nvidia's execution and product cycle will continue to outpace the broader market and its closest competitors.

According to analyst Joshua Buchalter, Nvidia remains the "cleanest way to play AI" and is uniquely positioned to surpass earnings expectations. The bullish call hinges on what the firm describes as strong underlying fundamentals and a remarkably smooth rollout of the company's next-generation Blackwell platform, a key driver for future growth. TD Cowen is maintaining its above-consensus estimate for the October quarter of $55 billion, excluding revenue from the H20 processor designed for the Chinese market.

The upgrade also highlights a perceived divergence in quality within the AI supply chain. Buchalter's analysis suggests Nvidia's growth trajectory is on a firmer footing compared to some peers, specifically mentioning Broadcom Inc. as having a comparatively less clean setup. This distinction points to Nvidia's ability to navigate complex supply chains and meet overwhelming demand for its data center GPUs more effectively than its rivals.

The raised outlook arrives as Nvidia continues to post staggering financial results. The company's most recent quarterly revenue soared to $30.0 billion, a 122% increase year-over-year, powered almost entirely by its data center segment. With guidance for the current quarter set at approximately $32.5 billion, the momentum appears far from abating. The firm's optimism extends into fiscal 2026, where it sees potential for further upside to current Street forecasts, suggesting the AI investment cycle is still in its early innings.

A spokesperson for Nvidia was not immediately available for comment on the analyst action. The stock, a key component of the Nasdaq and S&P 500, was trading higher in pre-market activity following the note's publication.