Overview
- Bank of America’s Vivek Arya reiterated a buy with a $275 target after meetings with Nvidia, pointing to Blackwell-backed LLMs expected in early 2026 and management’s view that external benchmarks show a generational lead.
- Bernstein’s Stacy Rasgon kept an Outperform and $275 target, saying the $500 billion outlook for 2025–2026 could rise as new letters of intent with OpenAI and Anthropic are not included, while export licenses for H200 shipments to China remain under review.
- Jefferies’ Blayne Curtis reaffirmed a buy with a $250 target, highlighting expectations for Blackwell in the first half of 2026 and Rubin, NVLink 6, and the CPX inference chip in the second half, and he raised 2026 and 2027 EPS estimates to $7.82 and $9.50.
- Analysts underscored Nvidia’s valuation case, noting P/E multiples of about 25x and 19x on 2026 and 2027 earnings and a PEG ratio near 0.5 compared with roughly 2x for large-cap tech peers.
- Competition remains a key watch item as Broadcom advances a custom ASIC strategy with a reported $73 billion AI backlog over the next six quarters and as AMD and Google’s TPU efforts vie for hyperscaler spend.