Wall Street raises Nvidia targets after blowout earnings

Goldman Sachs The Goldman Sachs Group, Inc. ↘ 0.66% raised its 12-month price target on Nvidia ↘ 4.58% to $300 from $285 following the chipmaker's better-than-expected second-quarter results and a fiscal 2028 revenue outlook that caught Wall Street off guard.investing+1

Analyst James Schneider maintained a Buy rating on the stock and increased EPS estimates for fiscal 2027 and 2028, according to TipRanks data. The move came alongside a wave of price target increases from across Wall Street after Nvidia reported fiscal second-quarter revenue of $96.2 billion — up 106% year over year — and guided third-quarter revenue to $108 billion, well above the consensus estimate of roughly $104 billion.marketscreener+2

A Flood of Analyst Upgrades

Goldman's adjustment was one of more than a dozen target increases issued Wednesday morning. JPMorgan ↗ 0.96% raised its target to $320 from $280, RBC Capital lifted to $330 from $300, and Evercore ISI set the Street-high target at $465, up from $413. Stifel moved to $315 from $282, while UBS ↗ 0.99% Redburn and Needham both raised to $300.marketscreener

The broad upgrades reflected a consensus shift after Nvidia's CFO said the company expects revenue to grow approximately 70% in fiscal 2028 — sharply above the prior Street consensus of roughly 44% growth.reddit+1

Earnings Beat Extends Streak

Nvidia reported its 15th consecutive quarter of beating Wall Street estimates on Wednesday evening. The results showed data center revenue continuing to power growth amid sustained capital spending on artificial intelligence infrastructure by cloud providers. Nvidia also disclosed an expanded collaboration with Amazon Amazon.com, Inc. ↗ 3.97% during the call.wsj

Shares rose roughly 4% in after-hours trading following the fiscal 2028 guidance, recovering from an initial dip after the results were released. The company had guided Q3 revenue to $108 billion, plus or minus 2%, suggesting continued acceleration from Q1 revenue of $81.6 billion and Q2's $96.2 billion.nvidianews.nvidia+3

Goldman's bull-case valuation stands at $424, with a bear-case scenario of $175, reflecting the wide range of potential outcomes for a company at the center of AI infrastructure buildout.moomoo