Raymond James increased its price target on Nvidia Corp. (NASDAQ: NVDA) to $352 from $330 on Tuesday, maintaining a Strong Buy rating as the company’s central processing unit (CPU) segment gains traction.
The new target is based on a 22 times multiple applied to calendar year 2028 earnings estimates, reflecting expectations for CPU revenue to expand from roughly 3% of total sales to about 5% by that year. Nvidia’s shares have gained 12% year-to-date, trading at a calendar year 2027 GAAP price-to-earnings ratio of less than 15 times, compared with the S&P 500’s 18.6 times multiple.
Raymond James noted that while CPUs are not a new focus for Nvidia, the company has increased its visibility in the segment, particularly through agentic use cases. The firm projects Nvidia could become the world leader in CPU revenue within several years, positioning CPU growth as the fastest-growing component in its financial model through fiscal year 2029.
Other analysts maintained a bullish stance on Nvidia. KeyBanc kept an Overweight rating with a $330 price target, citing ramping shipments of the Rubin R200 GPU expected to drive incremental revenue in the upcoming fiscal quarter. Cantor Fitzgerald reiterated an Overweight rating and a $350 target, naming Nvidia a top pick amid anticipated demand in the AI sector. Rosenblatt Securities maintained a Buy rating with a $325 target, forecasting Nvidia’s next earnings report to exceed consensus estimates.
Nvidia’s median next-twelve-months P/E ratio over the past five years has been 35 times, significantly higher than its current valuation, which the firm attributes to accelerated growth in CPU and AI-related segments.
