Citi Reiterates $180 Price Target on Nvidia

Citi reaffirmed on June 11, 2025 its ‘Buy’ rating on Nvidia, with a $180 price target.

“NVDA kicked off GTC Paris today. Jensen Huang during its keynote announced EU investing a combined €30B in AI factories, including five 100K AI accelerators gigafactories. We derive three key takeaways from these projects:

1. the EU area will likely remain free to import cutting edge AI accelerators despite concerns tariff war could spill over to AI.
2. While we estimate the aggregate 750K+ EU AI accelerators deployment to be significant, it comes short of the announcements made recently in the Middle East, with reportedly UAE alone readying to make 500K AI accelerators investments annually. We see the Middle East leading Europe in terms of total AI infrastructure investments as logical given its superior capital/energy availability.
3. The continued sovereign announcements are particularly beneficial to NVDA as we expect the merchant GPU mix on these projects to be higher. See additional takeaways from Financial Q&A below.

Valuation

Our price target for NVDA is $180 is based on ~30x P/E on $6 C26E EPS. Our 30x P/E multiple is roughly in-line with the 3-5 year average.

Risks

Downside risks to the attainment of our target price include:

1. competition on gaming could drive the stock lower if Nvidia loses market share;
2. slower-than expected adoption of new platforms can drive lower data center and gaming sales;
3. lumpiness in auto and data center markets can add volatility to the stock/multiple; and
4. cryptomining impact on gaming sales.”

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