Raymond James has raised its price target on Nvidia Corp. to $352 from $330, maintaining a Strong Buy rating as the firm projects a growing contribution from central processing unit (CPU) sales.
The new target is based on a 22x multiple applied to calendar year 2028 earnings estimates, a premium to the S&P 500’s projected 19x multiple for 2027. Raymond James extended its financial model through fiscal 2029 and calendar 2028, highlighting Nvidia’s current CPU revenue at roughly 3% of total sales. The firm expects this share to expand to about 5% by 2028, driven by broader adoption in data center and enterprise segments.
Nvidia’s valuation remains below historical averages, with a calendar 2027 GAAP P/E ratio of less than 15x, compared with the S&P 500’s 18.6x. The stock has gained 12% year-to-date, closely tracking the S&P 500. Over the past five years, Nvidia’s median 12-month forward P/E stood at 35x, underscoring the current discount.
Other analysts have taken similar stances. KeyBanc reiterated an overweight rating with a $330 target, citing strong demand for the Rubin R200 GPU. Cantor Fitzgerald maintained an overweight rating and a $350 target, naming Nvidia a top pick amid expected AI infrastructure growth. Rosenblatt Securities kept a buy rating at $325, forecasting earnings to surpass consensus estimates. Morgan Stanley emphasized corporate AI adoption as a key tailwind, while Wolfe Research warned that rising interest rates could dampen AI investment momentum.
