Mizuho Securities raised its price target on Nvidia Corp. to $315 from $300, citing sustained demand for AI-focused GPUs and constrained supply.
The new target is based on a fiscal 2028 price-to-earnings ratio of roughly 20 times, reflecting expectations for continued revenue growth. KeyBanc maintained its $330 target with an Overweight rating, while JPMorgan increased its target to $320.
Nvidia reported July quarter revenue of $96.2 billion, more than doubling year-over-year and exceeding Wall Street’s forecast of $2.08 per share with reported EPS of $2.22. The company guided October quarter revenue to $108 billion, up 12% sequentially, with data center revenue projected to reach $89 billion in the July quarter—a 117% year-over-year increase.
Mizuho’s fiscal 2028 revenue estimate for Nvidia rose to approximately $700 billion, up more than 70% from the current consensus of $574 billion. Data center revenue, driven by hyperscale and AI compute infrastructure expansion, accounted for roughly 92% of total revenue in the July quarter, with sequential growth of 18% and year-over-year growth of 117%. The Vera Rubin platform, now shipping, is expected to contribute about 20% of October quarter revenue.
Gross margins are projected to decline sequentially by 100 basis points to 74% in the October quarter, bottoming in the January quarter at 71–72%, before stabilizing at 72–73% in fiscal 2028. Trailing 12-month gross profit margin stood at 74.15%, while trailing revenue surged 71% year-over-year to $253.5 billion.
Demand for Nvidia’s AI-GPU platforms remains at least 100% higher than a year ago, with supply remaining tight despite ongoing production efforts. CPU revenue also rose more than 100% year-over-year, exceeding $40 billion, according to internal estimates.
BofA Securities adjusted its fiscal 2028 earnings per share estimate upward by 19%, aligning with the broader upward revisions across the sell-side. Nvidia’s formal forward-year revenue framework for fiscal 2028 positions the outlook as supply-constrained with significantly elevated demand, reinforcing the structural tailwinds supporting the stock.
