Nvidia (NVDA) soared on Thursday following a blowout fiscal second-quarter earnings report the night before—an announcement that had the Wall Street analyst community resetting their already lofty price targets for NVDA stock even higher.
On Wednesday, Aug. 26, Nvidia announced Q2 revenues and profits that more than doubled year-over-year, to $96.2 billion and $2.22 per share, respectively. Both figures were ahead of their respective Wall Street consensus targets for $92.2 billion and $2.10 per share.
Also driving investors and analysts alike up the wall, however, was CFO Colette Kress’s conference-call statement that they expect fiscal 2028 revenues to rocket by 70%, ahead of the pros’ already steep projections for 44% year-over-year improvement. Indeed, Kress said that based on customer forecasts, growth would double next year, but supply constraints kept its forecast to, ahem, just 70%.
NVDA shares were up more than 7% in Thursday’s midday trading, and Wall Street’s pros spent the day glowing over the chipmaker’s latest report.
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Several Analysts Upgrade Price Targets on NVDA Stock
Truist Managing Director William Stein called this “the quarter you’ve been waiting for.”
“In several recent quarters, NVDA delivered a beat-and-raise, and investors shrugged it off,” he said. “This quarter, NVDA also noted that demand supports 100% sales growth next year, but that supply constraints will limit growth to 70% (consensus was +47%). We expect this strong statement will allow NVDA to extend its after-hours rise, and that the broader AI trade (suppliers with high AI concentration) will begin to recover.”
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Stein chalked up the revenue beat in part to the ramp-up of Nvidia’s Blackwell Ultra infrastructure, which helped hyperscale revenue more than double year-over-year and improve 13% quarter-over-quarter. The company also enjoyed a monster 138% year-over-year jump in revenue in its ACIE division (AI Clouds, Industrial, and Enterprise). Nvidia also returned a record $26 billion to shareholders during the quarter through both repurchases and maintaining its status among tech dividend stocks with a 2,400% hike to its distribution.
As far as the broader AI trade is concerned? Stein noted that NVDA accelerated its commitments to suppliers and customers, which “will entice investors back into the AI-linked stocks.” He expects Buy-rated TTM Technologies (TTMI), MACOM Technology Solutions Holdings (MTSI), and Monolithic Power Systems (MPWR) to respond positively.
The stellar quarter prompted Stein to raise his price target to $346 per share from $307 previously. That represents 65% more upside from Wednesday’s closing price of $209.66.
| Nvidia (NVDA): Quick Stats | |
|---|---|
| Market cap | $5.5 trillion |
| Dividend yield | 0.5% |
| Forward price-to-earnings (P/E) | 24.27 |
| Price/earnings-to-growth (PEG) | 0.59 |
| Source: Yahoo! Finance. Data is as of Aug. 27, 2026. | |
Among the other price-target raises?
Morgan Stanley analyst Joseph Moore (Overweight, equivalent of Buy) called Nvidia “our Top Pick in the semis group, with a compelling product cycle, exceptional growth, and valuation below peers.” Nvidia’s fiscal 2028 forecast topped Morgan Stanley’s estimates for 52% growth, too.
“The ramp of Rubin allows NVIDIA to clearly take back the narrative,” he says. “In the last 12 months, shortages of GPUs have been less critical to supply-chain concerns than shortages of memory, storage, optical, and CPUs. We have already seen that starting to change, with hyperscalers calling out the importance of Vera Rubin in their roadmaps.”
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Moore adds that while gross margins were slightly weaker, the number “clears a significant overhang.”
Morgan Stanley’s price target, meanwhile, climbed to $300 (43% upside) from $288 previously. That’s lower than the Wall Street average of $317.41 (51% upside), according to S&P Global Market Intelligence.
Wedbush analyst Matt Bryson reiterated his Outperform rating (equivalent of Buy) on NVDA stock and lifted his price target to $345 (65% upside) from $330 before.
“We would note ~22X is well below the ~40X multiple NVDA enjoyed during its last period of sustained data center expansion, below the range where it has traded at over the past five years on average, and is well under 1/3 the growth rate NVDA looks likely to report for FY27 and/or is projecting for FY28,” he says.
Oppenheimer analysts Rick Shafer and Trevor Bowers (Outperform) upped their price target on NVDA stock to $315 (50% upside) from $265 previously. They too noted the weakness in gross margin but see that as a short-term issue.
“We see gross margins bottoming in Q4 at 71.5% as NVDA price adjustments lag input cost increases,” they write. “We look for modest GM rebound in CY27 as NVDA likely absorbs some input cost appreciation.”
Nvidia remains one of the best tech stocks on the market, according to Wall Street analysts. NVDA enjoys a whopping 58 Buys against just two Holds and one Sell, according to S&P Global Market Intelligence. Much of that optimism comes from a high bar on the growth side, with the pros looking for earnings improvement of 46% annually over the next three to five years.
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