Wall Street keeps buy ratings on Nvidia as BofA, Bernstein and Jefferies back Blackwell-led upside
Wall Street analysts at Bank of America, Bernstein and Jefferies reaffirmed buy ratings on Nvidia (NVDA) despite valuation concerns, rising competition from Broadcom, AMD and Google TPUs, and U.S.–China export uncertainties. Bank of America’s Vivek Arya raised his price target to $275 after a meeting with Nvidia’s investor relations, citing management’s view that 2024 Blackwell GPUs will put Nvidia at least one generation ahead and that the company has visibility into at least $500 billion of combined demand across Blackwell, Rubin and networking for 2025–2026. Bernstein’s Stacy Rasgon kept a $275 target, noting potential upside because the $500 billion estimate excludes major deals with OpenAI, Anthropic/Microsoft and Middle East projects; Bernstein also said Nvidia believes it is roughly two years ahead of Google’s TPU program. Jefferies’ Blayne Curtis stayed bullish with a $250 target while highlighting Broadcom as a top pick for ASIC momentum; Curtis expects Rubin and other product ramps in late 2026 and raised NVDA EPS forecasts for 2026–2027. Analysts emphasized benchmarks (MLPerf, InferenceMAX) favoring Blackwell for efficiency, flagged pending China export licenses for H200 chips, and noted potential upside from new AI deals. Despite macro and geopolitical noise, Wall Street’s consensus remains bullish, with multiple price targets between $250–$275 and TipRanks continuing to rate NVDA highly.
Bullish
Analyst reiterations and raised targets from major firms (BofA, Bernstein, Jefferies) signal continued institutional confidence in Nvidia’s AI-led growth despite valuation and geopolitical risks. Key drivers supporting a bullish view: management guidance that Blackwell architecture materially advances GPU performance (cited MLPerf/InferenceMAX benchmarks); visible demand pipeline (management cited ~$500B for Blackwell, Rubin and networking that may exclude major new deals); and product roadmaps (Rubin, Vera‑Rubin, NVLink 6, CPX) that suggest multi-year revenue ramps. Historical parallels: previous cycles where strong analyst support around transformative product launches (e.g., early GPU accelerators for training) helped sustain buying momentum even as competition emerged. Short-term impact: positive price pressure around updates, analyst notes and any incremental contract announcements; volatility may persist due to macro news and U.S.–China export developments. Long-term impact: if Blackwell and Rubin execute as projected, revenue and EPS upgrades could justify higher valuations and further institutional inflows; conversely, delays or export restrictions would materially weaken the bullish thesis. For traders: monitor catalyst schedule (product launches, MLPerf results, export-license news, major customer deals) and be prepared for event-driven volatility—use tiered position sizing and risk management given high valuation sensitivity.