Rosenblatt Raises NVIDIA Price Target to Street-High $800

Rosenblatt analyst Hans Mosesmann raised the price target on NVIDIA (NASDAQ: NVDA) to Street High $800.00 (from $600.00) while maintaining a Buy rating.

The analyst comments: “Nvidia prints its July quarter next week, August 23rd, and we expect a beat and raise with the guide (we expect up Q/Q) being impacted by severe constraints on H100 Hopper platforms.

We believe demand over the next several quarters is exceeding supply by at least 50%.

Unconstrained, we believe Nvidia’s earnings for FY25 (CY24) would be in the high-teens from our current $10.35 estimate.

We see FY26 (CY25) earnings power well into the $20s driven by a multitude of growth vectors: Hopper, Grace Hopper CPU/GPU, Hopper Next, Mellanox tie-in’s (switches, DPUs, NICs, etc.).

We are taking our PT to $800 from $600 applying a valuation framework of 35x P/E on earnings power of low $20s for FY26. We had been using a 40x P/E of our $10.35 FY25 estimate.”

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