Citi has raised its price target for Nvidia to $300 from a prior level, maintaining a buy rating as the AI chipmaker’s revenue outlook exceeds Wall Street estimates. The brokerage now projects quarterly revenue of $93 billion for the period ending in July, about $1 billion above consensus, and $105 billion for the October quarter, roughly $1.5 billion above expectations.
Analysts at Citi expect sequential revenue growth of 13% in the October quarter, with the data center segment projected to expand 15% sequentially in the July period and 14% in the following quarter, compared with market expectations of 13% in both cases. Adjusted earnings per share estimates were also lifted: fiscal 2027 by 1%, fiscal 2028 by 2%, and fiscal 2029 by 2%. Citi’s total GPU unit estimate for fiscal 2028 was raised by 7%.
The valuation multiple was adjusted to 24 times projected 2027 earnings from 28 times previously, reflecting supply constraints despite strong demand. Blackwell GPU shipments are forecast to reach 7.7 million units in fiscal 2027, driven largely by the expansion of the B300 line, while estimates for the Rubin platform were reduced to 2 million units from 2.2 million due to limited memory availability.
Nvidia’s infrastructure build-out continues, with the Ohio PORTS-Pike campus designed to support an initial IT capacity of 4.25 gigawatts. The company has also accelerated shipments of 1.6-terabit transceivers, signaling the early stages of its next-generation Vera Rubin platform deployment.
