• A consortium of major investment banks, including JPMorgan, BofA, and Citi, have significantly raised their price targets for Nvidia, with BofA setting the high at $235.
  • The bullish sentiment is driven by expectations of robust Q2 earnings, with revenue projected to surge 53% year-over-year to $45.9 billion.
  • Despite ongoing risks from U.S.-China export curbs, analysts point to sustained demand for Blackwell AI chips from hyperscalers as a primary growth catalyst.

Nvidia’s momentum is gathering even more steam on Wall Street, with at least nine firms lifting their price objectives for the chipmaker in a coordinated show of confidence ahead of its quarterly results. The upgrades, which include hikes from JPMorgan to $215 and KeyBanc to $230, signal a broad expectation that the company’s dominance in artificial intelligence hardware will continue to fuel extraordinary financial performance.

The company is scheduled to report earnings for its second fiscal quarter of 2025, with the Street anticipating revenue of $45.9 billion—a staggering increase from the year-ago period. Earnings per share are forecast to hit $1.00, a 47% rise. The optimism is largely pinned on the accelerating adoption of Nvidia’s newest Blackwell architecture GPUs, which are being rapidly deployed by major cloud clients like Microsoft, Alphabet, and Amazon.

“The demand profile for Blackwell remains exceptionally strong, and we see this momentum sustaining through the next several quarters,” one analyst familiar with the matter said, speaking on condition of anonymity ahead of the report. This sentiment was echoed across the recent batch of research notes, which frequently cited the product cycle and hyperscale investment as key drivers.

While the stock has already climbed 34% year-to-date, closing at $177.99 on August 22, the new targets suggest analysts see further room for growth. The median one-year price target sits around $194.22, according to data compiled by TipRanks, though the recent flurry of upgrades may push that figure higher. BofA Securities now holds the most bullish street-high target at $235.

Not all risks have dissipated, however. The ongoing saga of U.S. export controls on advanced chips sales to China remains a persistent overhang. A recent deal allowing some resumed sales subject to a 15% fee has alleviated near-term pressure, but the situation remains fluid. Some analysts estimate that without this partial resolution, quarterly revenue could have taken a hit of up to $8 billion. Management’s commentary on the upcoming earnings call regarding guidance and geopolitical headwinds will be scrutinized closely.

Attempts to reach Nvidia for additional comment on the price target changes were not immediately successful.

The broader narrative is one of a company successfully navigating a complex landscape while capitalizing on a generational shift in computing. “You’re looking at a firm that is not just riding a wave but defining it,” another analyst noted. With the stock trading near all-time highs and the entire sector watching, Nvidia’s upcoming report is set to be a major catalyst for the market.