Wall Street's bullishness for Nvidia stock endures even as shares trade at record highs.
Analysts are upbeat about the next-gen Blackwell chip and Nvidia's web of enterprise partnerships.
Bank of America and Goldman Sachs are among the banks that have raised price targets in recent weeks.
Nvidia stock is trading at record highs, but that's not deterring top Wall Street analysts from being bullish.
Bank analysts have been hiking their price targets for the chip titan in recent weeks, predicting more upside even as the stock has seen a meteoric rise over the past year.
Shares traded above $142 each on Monday, hitting a fresh record as investors gear up for the company's next earnings report on November 20. The stock is up 193% year-to-date.
But Nvidia still has plenty of room to climb, according to forecasters. They point to signs of frenzied demand for the company's AI-enabling GPU chips and a long list of partnerships with enterprise "hyperscalers."
Here's what some of Wall Street's top forecasters are saying about their bullish outlook for the stock.
Bank of America, $190 price target
BofA strategists raised their price target for the chipmaker to $190 from $165 per share last week, implying another 35% upside from the stock's current levels.
The upside will be driven by Nvidia's competitive advantage over other chipmakers, as well as the "generational opportunity" in the AI market, which is expected to grow to $400 billion, analysts said in a note.
"Driven by our increased NVDA Data Center Compute outlook, we now see the AI accelerator market growing to $280bn by CY27E (and over time toward $400bn+) from just ~$45bn in CY23. AI models (demand) continue to evolve," the bank added.
Strategists pointed to positive signs for Nvidia's future chip demand, including commentary from other tech firms and comments from CEO Jensen Huang, who described the demand for Nvidia's upcoming Blackwell chip as "insane."
Nvidia, meanwhile, also has a number of "underappreciated" business partnerships with firms like Accenture and Microsoft, which should contribute to the upside potential.
"We also highlight a growing presence of AI in enterprise, where NVDA is the partner of choice," the bank said. "NVDA's engagements span multiple verticals (e.g., Accenture, ServiceNow, Microsoft), and offerings such as AI Foundry, AI Hubs, NIMs are key levers to its AI leadership, not only on the hardware side but also on systems/ecosystems side."
Goldman Sachs, $150 price target
Goldman analysts raised their price target to $150 from $135 a share, implying 6% upside from the stock's current levels.
Strategists said they changed their price target after a meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's "competitive moat" is built on the firm's installed base, its innovation, and its "robust and growing" software offerings.
"Although we acknowledge that the company's revenue trajectory beyond CY2025 remains uncertain, we expect the stock to perform at least consistent with estimate revisions given relative valuation multiples that remain depressed relative to history ... and the potential for a re-acceleration in fundamentals driven by the upcoming Blackwell product cycle," strategists wrote.
Blackwell could also help produce several billion dollars in revenue for Nvidia, the strategists estimated.
"By integrating seven chips, and each playing a role in delivering higher performance at the data center level, we view the introduction and ramp of Blackwell not only as a near- and medium-term revenue growth driver, but also a dynamic that extends Nvidia's competitive advantage. The ramp of Blackwell-based products remains on track with several billion dollars in revenue expected in the January quarter followed by further growth in April and beyond."
CFRA Research, $160 price target
The research firm CFRA raised its price target to $160 from $139 per share, implying a 13% upside from current levels. According to Angelo Zino, a senior equity analyst at CFRA, that's due to increased confidence that Nvidia will post better-than-expected growth, particularly as customers scramble to get their hands on the new Blackwell chip.
"The higher multiple and target reflect our higher conviction that NVDA will post results that exceed our/consensus views in CY 25, as Blackwell ramps. As we previously cited, Blackwell will take greater wallet share from hyperscalers (e.g., greater GPU, CPU, networking, and software revenue) amid an AI war in the cloud," Zino wrote.
Bernstein, $155 price target
Bernstein raised its price target to $155 a share shortly after the chipmaker reported its second-quarter earnings in August.
Similar to other firms' forecasts, Bernstein's upside prediction is based on the success of the Blackwell GPU.
"People are getting excited about the story again, especially as we approach earnings, and then year-end into next year is their new platform, Blackwell, really starts to ramp. Look, by all indications, their own commentary, all the supply checks and everything else, demand for this product just looks off the charts," Rasgon said in an interview with CNBC in early October. "This cycle, if the checks are any indication, must potentially be massive," he added.
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