Several Wall Street brokers raise price targets on Nvidia stock into earnings

Ahead of Nvidia (NASDAQ:NVDA)'s earnings release on Wednesday, May 22, analysts at Barclays, Baird and Stifel raised their price target for the stock. 

In a note Monday, Barclays maintained a Neutral rating on Nvidia but increased its target for the company's shares to $1,100 from $850, stating that all signs point to another revision higher. 

"All in, checks continue to point to >$1B in upside in April and $2B in July.," stated Barclays. "We believe the company can capture incremental revenue upside due to pricing on H200, which will start shipping in the July quarter."

They added: "Looking forward, the next major step up in revenue will be from the ramp of the GB200. The company intra-Q spoke very positively of the total mix moving towards the complete GB200 solution for hyperscalers, and we don't believe this mix shift is fully appreciated."

Baird raised its target for the stock to $1,200 from $1,050, keeping an Outperform rating on Nvidia shares. The firm raised its estimates/price target based on the continued strength in AI-related demand for Nvidia. 

"There is no match to Nvidia's products offering this year and next, which, combined with shortening lead times (CoWoS capacity ramp), should play well into the second half of the year from a market share standpoint," they wrote. "Raising our GPU unit shipment forecast for this year with strong growth expected for 2025 as well, supporting our raised DC revenue forecast for the year."

The Stifel price target for Buy-rated and Top Pick Nvidia was lifted to $1,085 from $910. Analysts at the firm expect another round of strong results and a positive outlook as the AI infrastructure investment cycle continues. 

"Once again, a beat/raise is widely anticipated with investor focus likely to remain on medium-term sustainability of accelerating AI infrastructure investment, competitive dynamics as MI300x ramps and CSPs increasingly invest in home-grown AI accelerator technology, the usual concerns around China and updates on NVDA's software strategy," said Stifel. "Our supply chain checks continue to indicate a robust demand environment for H100/H200 even as excitement around Blackwell continues to grow."

Elsewhere, Morgan Stanley said in its Nvidia preview note that their view of a positive quarter has not changed, with AI visibility continuing to grow.

"Enthusiasm for NVL72 is core to a growing enthusiasm among investors for next years growth," said the bank. "Each of the last 2 quarters NVDA has beat initial revenue guidance by ~$2bn and guided for an incremental ~$2bn; we expect something similar later this week."

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