Morgan Stanley Raises NVIDIA Price Target to $206

Morgan Stanley analyst Joseph Moore raised the price target on NVIDIA (NASDAQ: NVDA) to $206 (from $200) while maintaining an Overweight rating.

“So how would we put this together around the quarter? We model $46.6bn in revenue for July, up from our prior $45.2bn, and $52.5bn in revenue for October vs our prior $51.3bn.

We think investor expectations are moderately higher based on some of those supply inputs noted above, and we see the rationale for upside.

But our assumption is that more of that comes in January; either way these figures represent numbers that are still undershipping end demand, and momentum should continue into next year, which is an important factor when thinking about a continued bid to the stock.

Should China fully come back into the picture, that would be additive to our assumptions. As such, we are raising our 2026 estimates, from revenue/non-gaap EPS of $264.6bn/$6.28 to $273.2bn/$6.51.

As far as our PT, we had assumed ~33x our MW CY25 EPS estimate of $6.02; we are maintaining that ~33x target multiple but on our now $6.25 in MW EPS that brings the PT to $206.”

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