Oppenheimer lifted its price target on NVIDIA Corp. (NASDAQ: NVDA) to $265 from $225 while maintaining an Outperform rating, citing optimism ahead of the company’s upcoming earnings report.
The firm said it saw upside potential to fiscal third-quarter and fourth-quarter consensus estimates of $54.7 billion and $61.5 billion in sales, and $1.25 and $1.42 in EPS, respectively, driven by strong demand for NVIDIA’s new GB300 Ultra chips.
Oppenheimer noted that hyperscalers and cloud service providers continued to expand capital expenditures amid surging demand for artificial intelligence infrastructure. NVIDIA’s rack-scale NVL72 system remained the leading AI performance-per-watt platform, though supply tightness persisted as backlogs grew.
At its recent GTC Data Center event, CEO Jensen Huang projected cumulative Blackwell and Rubin platform revenues of $500 billion by the end of 2026. The firm highlighted exponential AI growth drivers—including reasoning and agentic AI—that were fueling adoption across sectors.
While China’s $50 billion market opportunity was not yet factored into models, Oppenheimer estimated NVIDIA’s total addressable market at $4 trillion, spanning cloud, sovereign, and enterprise markets. The firm reaffirmed its bullish stance, calling NVIDIA “best positioned to lead the AI era.”
