Nvidia Stock Gets Bullish Upgrades on Blackwell and Enterprise Partnerships

• Wall Street's optimism about Nvidia stock continues, even as shares trade at record highs.
• Analysts are optimistic about the next-generation Blackwell chip and Nvidia's network of corporate partnerships.
• Bank of America and Goldman Sachs are among the banks that have raised their price targets in recent weeks.

Nvidia stock is trading at record highs, but that isn't stopping top Wall Street analysts from being optimistic.

Bank analysts have raised their price targets on the chip titan in recent weeks, predicting further upside potential despite the stock's meteoric rise over the past year.

On Monday, shares traded above $142 each, hitting a new record as investors prepare for the company's next earnings report on November 20. The stock is up 193% year-to-date.

However, according to forecasters, Nvidia still has a lot of room for improvement. They point to signs of soaring demand for the company's AI-enabled GPU chips and a long list of partnerships with the companies' “hyperscalers.”

Here's what some of Wall Street's top forecasters are saying about their bullish outlook for the stock.

Bank of America, price target $190

BofA strategists last week raised their price target on the chipmaker from $165 per share to $190, representing another 35% increase from the stock's current levels.

The upward trend is being driven by Nvidia's competitive advantage over other chipmakers as well as the “generational opportunity” in the AI ​​market, which is expected to grow to $400 billion, analysts said in a note.

“Driven by our increased NVDA Data Center Compute outlook, we now see the AI ​​accelerator market growing to $280 billion by fiscal 2020,” the bank added.

Strategists pointed to positive signs for Nvidia's future chip demand, including comments from other technology firms and comments from CEO Jensen Huang, who called demand for Nvidia's upcoming Blackwell chip “insane.”

Nvidia also now has a number of “underrated” business partnerships with companies like Accenture and Microsoft, which should add to the upside potential.

“We also highlight the growing presence of AI in enterprises, where NVDA is the partner of choice,” the bank said. “NVDA's commitments span multiple industries (e.g. Accenture, ServiceNow, Microsoft) and offerings such as AI Foundry, AI Hubs and NIMs are important levers for its AI leadership, not only on the hardware side but also on the systems side. /ecosystem side.”

Goldman Sachs, price target $150

Goldman analysts raised their price target from $135 per share to $150, a 6% increase from the stock's current level.

Strategists said they changed their price target after meeting with Huang. The Nvidia CEO spoke of the company's advantage over other chipmakers, and the bank said that Nvidia's “competitive advantage” is built on the company's installed base, its innovation and its “robust and growing” software offerings.

“While we acknowledge that the Company's revenue performance beyond fiscal 2025 remains uncertain, we expect the stock to at least perform in line with estimate revisions given relative valuation multiples that remain low compared to the past… and “The potential exists for fundamentals to accelerate again through the upcoming Blackwell product cycle,” strategists wrote.

Blackwell could also help bring Nvidia several billion dollars in sales, the strategists estimated.

“By integrating seven chips, each playing a role in delivering increased performance at the data center level, we view the introduction and expansion of Blackwell not only as a near- and medium-term revenue growth driver, but also as a dynamic which expands Nvidia's.” Competitive advantage remains on track, with multi-billion dollar revenue expected in the January quarter, followed by further growth in April and beyond.”

CFRA Research, price target $160

Research firm CFRA raised its price target to $160 from $139 per share, a 13% increase from current levels. According to Angelo Zino, a senior equity analyst at CFRA, this is due to increased confidence that Nvidia will post better-than-expected growth, especially as customers scramble to get their hands on the new Blackwell chip.

“The higher multiple and target reflect our greater belief that NVDA will post CY25 results that beat our/consensus views as Blackwell advances. As previously mentioned, Blackwell will take a larger share of the wallet from hyperscalers (e.g. larger GPU, CPU, network and software revenue) amid an AI war in the cloud,” Zino wrote.

Bernstein, price target $155

Shortly after the chipmaker reported its second-quarter results in August, Bernstein raised his price target to $155 per share.

Similar to other companies' forecasts, Bernstein's bullish forecast is based on the success of the Blackwell GPU.

“People are getting excited about the story again, especially as we get closer to earnings, and then at year-end next year, their new platform, Blackwell, starts to really take off. Look at all the signs, their own comments, all the supply reviews and everything else: the demand for this product is simply excessive,” Rasgon said in an interview with CNBC in early October. “This cycle, if the controls are any indication, has the potential to be massive,” he added.