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Investing.com -- Jefferies raised its price target for Nvidia to $240 from $220 in a note to clients, citing stronger-than-expected demand for AI compute and increased visibility into the company’s order pipeline.
The firm maintained its Buy rating on the stock, with analyst Blayne Curtis telling investors that Nvidia remains the leader in the AI accelerator market. However, the firm removed the stock from its list of “Franchise Picks.”
Jefferies revealed it is raising estimates for both Nvidia and Broadcom “to reflect takeaways from recent Hyperscaler announcements, NVDA’s outlook from GTC DC, and new CoWoS forecasts.”
Curtis pointed to what he described as a “scramble to secure compute to meet demand,” with hyperscale cloud providers such as Google, OpenAI, and Anthropic signing large-scale AI infrastructure deals.
Jefferies noted that Nvidia “pointed to line of sight to fulfilling $500 billion of orders in 2025/2026 between Blackwell and Rubin.”
The firm’s bottom-up model suggests about $464 billion in revenue for 2025–2026, with “another $36 billion in upside assuming NVDA hits that estimate.”
Following those projections, Curtis lifted his firm’s 2026 and 2027 revenue forecasts for Nvidia to $293 billion and $384 billion, respectively, from $283 billion and $334 billion previously.
The firm now expects 2027 EPS of $9, and said its model “suggests $10+ in EPS in 2027.”
“We still see more room for the stock to work and raise our PT to $240 (27x CY27 EPS of $9.03),” Jefferies wrote.
Despite removing Nvidia from its Franchise Picks list, the firm said the company remains the dominant force in the AI hardware market.