DA Davidson Keeps 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).
“With OpenAI already hiding chain-of-thought reasoning tokens with o1, we don’t believe there’s much the lab can do but to out-innovate open-source competitors.
We’ve fielded several questions regarding what OpenAI can do in order to slow down DeepSeek or other open-source labs, and stop them from “copying” their techniques.
We’d argue that what they’re doing currently is all they can do, period.
Slowing down releases won’t work, DeepSeek in the time being has already released a leading text-to-image model, Janus-Pro-7B, that outperforms Stable Diffusion and DALL-E 3.
Thus, we believe that OpenAI’s only move is to out-innovate open-source labs at a faster rate and find a way to lower inference costs if they are to prevail.”
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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 +81% (from $118). The 12-month window closed on January 28, 2026.
Track record
This call✓ Target reached on January 15, 2025, 0 days after the note. Same target as this firm’s January 15, 2025 note, so it is scored there.
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
