JPMorgan increased its price target on Nvidia Corp. to $320 from $280, citing sustained demand for its Blackwell AI chips and the accelerated rollout of its Vera Rubin platform. The firm maintained an above-average rating on the stock, which it now views as undervalued despite a trailing price-to-earnings ratio of 32.32 and a PEG ratio of 0.29.
BofA Securities reiterated a buy rating on Nvidia with a $350 price target, aligning with the broader optimism around the company’s AI infrastructure growth. Nvidia reported fiscal second-quarter revenue of $96.2 billion, more than doubling year-over-year, while adjusted earnings per share reached $2.22, exceeding Wall Street’s forecast of $2.08.
Analysts at BofA projected Nvidia’s earnings per share to climb to $15.72 in fiscal 2028 and $23.17 in fiscal 2029, with calendar 2030 estimates now revised upward to surpass $31, up from a prior $25. Gross margin compression is expected to stabilize by the fourth quarter of fiscal 2027 before recovering in fiscal 2028.
Demand for Nvidia’s Blackwell Ultra chips has driven accelerated growth in the Data Center segment, supported by increased ACIE revenue from sovereign, AI-native, and corporate clients. Shipments of the Vera Rubin platform began this month, with purchase orders secured from major hyperscalers, AI cloud providers, and OEM system manufacturers. Nvidia described the Vera Rubin launch as its fastest product introduction to date.
The company also expanded its infrastructure financing architecture, including the PORTS-Pike guarantee backing OpenAI’s data center construction in Ohio. Additionally, Nvidia established a $500 billion private equity financing platform in partnership with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR. A 50/50 revenue split has been agreed with certain emerging cloud providers.
