Nvidia Price Targets Raised Into Earnings: A View From The Street

Analysts continue to make bullish calls on Nvidia shares (NVDA) ahead of earnings, with price targets uniformly moving higher. Wall Street has been looking to Nvidia earnings for while now, and in the days leading up to today’s print, we have counted nine major firms raising their price targets, with many forecasting another “beat and raise” quarter for the AI chip giant.

The upward moves over the past week underscore growing confidence that Nvidia will deliver first-quarter fiscal 2027 results well above its own guidance, fuelled by insatiable demand for its Blackwell and next-generation Rubin graphics processing units. With other AI names having already put out their reports, and many impressing the street, it is now expected that Nvidia will follow suit, although that in of itself carries some risk.

The highest fresh target came from Cantor Fitzgerald at $350 per share, implying nearly 59 percent upside from the $220.61 close, cementing the firm’s view that Nvidia’s AI accelerator dominance will drive year-over-year growth through at least 2029.

Wall St Bullish on Nvidia Into Earnings

HSBC raised its target to $325 from $295 and now models first-quarter revenue of approximately $81.1 billion, roughly 4 percent above management’s $78 billion guidance and 3 percent ahead of the consensus of $78.6 billion. The bank’s second-quarter forecast of $91.1 billion towers over the Street’s $85.6 billion estimate, while its fiscal 2028 earnings-per-share projection of $13.01 sits about 16 percent above consensus at $11.20. HSBC attributed the aggressive numbers to ongoing Blackwell momentum and the early ramp of Rubin, framing the setup as a clear “beat and raise” scenario.

Morgan Stanley analyst Joe Moore echoed that language, lifting his Overweight-rated target to $285 from $260 and pointing to higher data-center revenue expectations as the primary driver. The note leaned on persistent strength in AI training and inference workloads, high visibility from cloud and enterprise orders, and potential upside from early Blackwell adoption layered atop still-robust Hopper demand. Moore’s “beat and raise” framing carries particular weight given Morgan Stanley’s influential semiconductor franchise, and the call quickly circulated across trading desks.

KeyBanc and DA Davidson both moved to $300 price targets, with KeyBanc citing strong demand for Blackwell Ultra and Rubin GPUs and DA Davidson highlighting Nvidia’s supply-chain strength and potential upside from stand-alone CPU sales. The latter point suggests Nvidia could deepen its penetration of the broader data-center compute stack beyond tightly coupled GPU platforms, widening its addressable market and increasing wallet share per rack.

Bank of America Securities, which maintains Nvidia shares as its top sector pick, raised its target to $320 and emphasized that the company is poised to generate over $400 billion in free cash flow across 2026 and 2027, a figure rivaling the combined output of Apple and Microsoft. BofA argued this massive cash generation could broaden investor ownership if Nvidia steps up shareholder returns through larger buybacks or dividends.

Just A Hint of Doubt

Not every note was uniformly bullish, as despite UBS lifting its target to $275 from $245, it flagged rack-level cooling challenges that are delaying mass production and deployment of Rubin systems, even as chip production itself remains on track for the second quarter. The distinction matters, as it suggests demand is not the constraint, but infrastructure bottlenecks at the data-center level could elongate the revenue-recognition cycle and smooth out the magnitude of quarter-to-quarter upside surprises.

Bulls interpret this as evidence the AI capex cycle will be longer and more durable, whilst bears worry it caps the pace at which Nvidia can monetize its backlog.

Price Targets

TD Cowen, Susquehanna, and Cantor Fitzgerald round out the batch of target increases, moving to $275, $275, and $350 respectively. Cantor’s $350 target stands out not only for its magnitude but for the firm’s explicit assertion that Nvidia has a “clear vision” for year-over-year growth through 2029, pushing markets to think in terms of multi-year earnings compounding rather than a one- or two-year AI spending spike.

Wedbush and RBC reiterated bullish stances into the print, albeit without changing targets.

Wedbush maintained its Outperform rating and $300 target, stating Nvidia is likely to top estimates and guide strongly, while RBC emphasized that AI demand continues to outpace supply, underscoring Nvidia’s pricing power and robust backlog. The consistency of the “beat and raise” narrative across so many houses has markets positioned for a strong print, but it also raises the bar: if Nvidia merely meets guidance or delivers a modest beat with conservative second-quarter commentary, the stock could face a selloff against these elevated expectations.

Behind The Upgrades

The cluster of bullish calls reflects several shared themes.

Analysts see Blackwell and Rubin ramps as proof that Nvidia’s product-cycle engine remains intact, a critical factor for sustaining the stock’s premium valuation multiple. The emphasis on supply-chain strength and capacity advantages suggests Nvidia can monetize AI demand faster than competitors constrained by advanced packaging and high-bandwidth memory bottlenecks. Then, the long-term AI capex narrative counters any bear argument that server demand has peaked, with Cantor’s 2029 growth language and HSBC’s above-consensus earnings forecasts encouraging multi-year modelling horizons.

Such a bullish lead in also introduces risk if there is any doubt on the call. Markets are now crowded ahead of the print, and any hint of order pushouts, slower qualification of new GPUs, or pricing pressure from rising competition could trigger a reversal. AMD continues to gain traction in certain AI workloads, and hyperscale cloud providers are investing heavily in custom ASICs and in-house silicon that could erode Nvidia’s share over time. If Blackwell or Rubin ramps slip, or if rack-level infrastructure constraints prove more structural than transient, the step-function revenue and margin expansion embedded in Street-high targets becomes harder to justify.

The current analyst consensus on Nvidia reflects overwhelming optimism, with the majority of tracked firms carrying Buy-equivalent ratings and a mean twelve-month price target well above current levels. The highest target in this latest batch, Cantor’s $350, implies Nvidia’s market capitalization could swell by hundreds of billions of dollars if the AI thesis plays out as bulls expect. The lowest of the fresh raises, TD Cowen and Susquehanna at $275, still point to roughly 25 percent upside, underscoring that even the more cautious voices within the bull camp see material appreciation ahead.

Markets will scrutinize not only the first-quarter print but also management’s commentary on second-quarter guidance, Blackwell deployment timelines, Rubin production readiness, and any updates on gross margin trajectory as mix shifts toward newer, higher-priced architectures. The free-cash-flow outlook and capital allocation plans will also draw attention, particularly given BofA’s emphasis on potential shareholder return enhancements. If Nvidia opts to remain conservative on buybacks in favour of reinvesting in research and capacity, some investors who bought into the “more cash back” narrative may be disappointed, even if the underlying business delivers.

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