Wells Fargo has raised its price target on Nvidia to $315 from $265, maintaining an Overweight rating and signaling strong conviction in the chipmaker. The new target implies approximately 44% upside from the stock's current trading range of $219 to $226 per share.
The bank's target is based on a 21x multiple applied to its estimated 2028 earnings per share of $14.85 for Nvidia.
The core of the bullish thesis is a projection that AI infrastructure buildout will exceed $1 trillion by 2027. Major cloud providers-Microsoft, Google, and Amazon-are racing to expand AI data center capacity. Wells Fargo's model sees AI compute capacity growing from 9.2 gigawatts in fiscal year 2026 to 25.2 gigawatts in fiscal year 2029.
Analysts also highlighted Nvidia's product roadmap, including the next-generation Blackwell GPU architecture, expected to drive a significant upgrade cycle. Beyond that, the Vera architecture represents Nvidia's longer-term bet on maintaining its technological edge.
Wells Fargo's call is a bet that AI infrastructure spending remains elevated for years, positioning Nvidia to capture a disproportionate share of that spending. For investors, the key question is whether the pace of spending can sustain the earnings trajectory implied by the $315 target.