KeyBanc Capital Markets reiterated an Overweight rating on Nvidia Corp. (NASDAQ: NVDA) with a price target of $330, while JPMorgan raised its target to $320 and BofA Securities lifted its target to $350, all maintaining bullish outlooks.
The upgrades follow Nvidia’s fiscal second-quarter results, which showed revenue of $96.2 billion, more than doubling from a year earlier, and adjusted earnings of $2.22 per share, exceeding consensus estimates of $2.08. Data center revenue reached $89 billion, up 117% year-over-year, driven by hyperscale and AI compute infrastructure demand.
BofA adjusted its fiscal 2028 revenue growth forecast to 70%, citing supply constraints against 100% demand, while trimming its gross margin projection to 72.5% from 75% due to higher memory costs. The firm raised its fiscal 2028 and 2029 earnings per share estimates by 19% to $15.72 and to $23.17, respectively, and lifted its calendar 2030 EPS projection to over $31 from $25.
Nvidia’s market capitalization has surpassed $5 trillion, with a price-to-earnings ratio of 32.32 and a PEG ratio of 0.29. Analysts highlighted sustained demand for its Blackwell Ultra platform and growth across AI compute and accelerated computing infrastructure segments. The company also disclosed a financing model involving take-or-pay commitments for neocloud capacity, with payments structured through upfront hardware sales and rental revenue sharing.
Strategic initiatives include a $50 billion investment in Frontier AI Labs and partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize over $500 billion in third-party capital. Nvidia’s commitments to OpenAI total approximately 12 gigawatts of capacity through 2030.
