KeyBanc Capital Markets reiterated an above-average rating on Nvidia Corp. with a price target of $330 on Thursday, citing sustained demand for artificial intelligence infrastructure.
The firm’s outlook follows similar adjustments from JPMorgan and BofA Securities. JPMorgan raised its price target to $320 while maintaining an above-average rating, while BofA Securities reiterated a buy rating with a $350 target. The revisions come after Nvidia reported fiscal second-quarter revenue of $96.2 billion, more than doubling from the prior year and beating Wall Street’s adjusted earnings per share forecast of $2.08 with actual EPS of $2.22.
Data center revenue reached $89 billion in the quarter, a 117% year-over-year increase, driven by growth in hyperscale and AI compute infrastructure segments. The company’s market capitalization has expanded to $5.08 trillion, with a trailing price-to-earnings ratio of 32.32.
For fiscal year 2028, Nvidia now projects revenue growth of 70%, up from consensus estimates of 45%, though supply constraints are expected to limit growth to demand levels exceeding 100%. Gross margin is projected to decline to 72.5% from 75% due to rising memory costs. BofA Securities adjusted its earnings estimates accordingly, lifting its FY2028 EPS forecast by 19% to $15.72 and setting FY2029 EPS at $23.17. Calendar year 2030 EPS is now projected above $31, revised upward from a prior estimate of $25.
Nvidia has committed $50 billion to AI Frontier Labs and partnered with firms including Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to raise over $500 billion in third-party capital. OpenAI’s infrastructure commitments through 2030 total approximately 12 gigawatts, underscoring sustained demand for high-performance computing capacity. The company also disclosed a revenue-sharing model involving guaranteed payments tied to neocloud capacity, with funding secured through upfront hardware sales and rental revenue sharing.
