DA Davidson Reiterates Neutral on NVIDIA, $135 Price Target
- Rating
- Hold
- Unchanged
- Target
- $135
- Outcome
- Reached
- on January 15, 2025
What the analyst said
DA Davidson analyst Gil Luria reiterated a Neutral rating and $135 price target on NVIDIA (NASDAQ: NVDA).
“We initiated coverage of NVDA a year ago with a NEUTRAL rating and highlighted concerns that placed us among the least bullish on NVDA’s outlook.
We look back at the components of our original thesis and examine how they have played out so far.
With this analysis in mind, we continue to believe 2025 could be a peak year for NVDA and remain street low on 2026.
Another takeaway from this past year is that when your appearance relaying a cautious outlook on NVDA gets posted online never check the comments. People are not very nice online.
Based on this reflection we remain cautious on NVDA’s ability to meet consensus expectations for CY2026 and beyond.
Our CY2025 remains below consensus and CY 2026 estimate is street low. • Shorter-term, we expect investors to focus on the supply-side disruptions, namely limits on sales to China as well as Blackwell quality issues.
We would note that supply issues could actually prolong the cycle, and that the longer-term driver will remain demand. • We maintain our NEUTRAL rating and $135 target which represents a 35x multiple.”
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Where the price stands
NVDA trades at $214. The 27 analysts who set a target in the last 3 months range from $270 to $515, with a median of $315. This $135 target is 57% below the median, the lowest on the Street.
Since the note NVDA has moved +63% (from $132). The 12-month window closed on January 15, 2026.
Track record
This call✓ Target reached on January 15, 2025, 0 days after the note.
Firm track recordDA Davidson: 90% of its 10 targets at least a year old were reached within 12 months (#6 of 28 firms); on NVIDIA, 6 of 6. Accuracy ranking →
DA Davidson on NVIDIA
DA Davidson price targets on NVIDIA
8 calls from October 29, 2025 to August 27, 2026. The target went from $250 to $300 (+20%). The rating stayed Buy.
- August 27, 2026Kept the $300 targetBuy$300
- May 18, 2026Target raised from $250 (+20%)Buy$300
- February 26, 2026Kept the $250 targetBuy$250
- February 24, 2026Target raised from $210 (+19%)Buy$250
- January 12, 2026Target cut from $250 (−16%)Buy$210
- November 20, 2025Kept the $250 targetBuy$250
- November 17, 2025Kept the $250 targetBuy$250
- October 29, 2025Earliest call shownBuy$250
