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Investing.com - Oppenheimer has raised its price target on Nvidia (NASDAQ:NVDA) to $265.00 from $225.00 while maintaining an Outperform rating ahead of the company’s earnings report.
The chipmaker is scheduled to report its fiscal third-quarter earnings on Wednesday, November 19, with Oppenheimer seeing potential upside to consensus expectations of $54.7 billion in sales and $1.25 earnings per share.
Oppenheimer cited strong demand for Nvidia’s new GB300 Ultra chips and noted that cloud service providers and hyperscalers continue to increase capital expenditure due to "insatiable AI appetite," with the company’s rack-scale NVL72 remaining "AI’s go-to performance/watt leader" amid tight supply and growing backlog.
At the recent GTC DC conference, Nvidia’s CEO Jensen Huang highlighted projected cumulative Blackwell/Rubin revenues of $500 billion by the end of calendar year 2026, with $350 billion still in the pipeline, driven by exponential growth in reasoning and agentic AI creating an "adoption flywheel."
The research firm estimates Nvidia’s total addressable market at $4 trillion, comprising $2 trillion from cloud service providers, $1.5 trillion from sovereign entities, and $500 billion from enterprise customers, while noting that China represents a potential $50 billion opportunity not currently factored into projections.
In other recent news, Nvidia’s stock price target was raised by Susquehanna from $210 to $230, with the firm maintaining a Positive rating. This adjustment comes ahead of Nvidia’s earnings report, with expectations for improved results and guidance. Susquehanna highlighted strong AI demand and noted that major hyperscalers are set to increase their capital expenditure significantly in the coming years. Meanwhile, AI coding tool maker Cursor raised $2.3 billion in a funding round, valuing the company at $29.3 billion, a substantial increase from earlier this year. The round was co-led by Accel and Coatue, with participation from other investors. Microsoft has announced the construction of an AI "super factory" in Atlanta as part of its data center expansion, which will include a significant number of Nvidia graphics processing units. Additionally, Nvidia’s CEO stated that the company is not planning to ship products to China at present but hopes to re-enter the market in the future. OpenAI, on the other hand, clarified that it does not seek government guarantees for its data centers and expects to reach a substantial revenue run rate by 2025.
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