Needham Increases Nvidia’s Price Target to $200
Needham analyst Rajvindra Gill raised the price target on NVIDIA to $200 (from $160) while maintaining a Buy rating.
“NVIDIA announced the U.S. government has approved the filing of export licenses for H20 products shipped to China and expects to commence shipments “very soon”.
On April 9th, export controls were placed on H20 products, which prevented the company from shipping $2.5BN of product in F1Q26, and more notably, halted ~$8BN of H20 orders set to ship in F2Q26.
While NVIDIA did not comment on how much H20 revenue it expects to capture over the coming quarters, we conservatively model $3BN of H20 shipments per quarter over the next several quarters.
Additionally, the company may be developing Blackwell GPU variants for the China market (B30/B40/RTX 6000D) that are expected to commence shipments in the August/September time-frame.
We increase our PT to $200, based on a ~27.5x P/E multiple of our new CY27/FY28 NG EPS estimate of $7.25.”
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