TD Cowen Reiterates Buy on NVIDIA, $235 PT

TD Cowen analyst Joshua Buchalter raised on August 19, 2025, the price target on Nvidia to $235 (from $175), while maintaining a ‘Buy’ rating on the stock.

“Into the Print: We See NVDA Best Positioned to Clear A High Bar; More Balanced On AVGO, MRVL, CRDO.

Positive on NVIDIA (Buy), as we see strong fundamentals and a clean narrative (despite the chaos and distraction surrounding H20 and China) as the Blackwell-Blackwell Ultra handoff is transitioning rapidly and smoothly.

We note NVIDIA is trading at a discount to Broadcom despite what we see as a cleaner set-up, and we believe remains the best and cleanest way to play AI… still.

We leave our well-above Street $55B OctQ estimate unchanged, which we note does not include H20 revenue given timing/magnitude uncertainty.

We also see upside to our above-Street 2026 estimates, well beyond adding back datacenter sales to China.

At $150, investors were playing for $6 in C2026E; at $180 we think that number is closer to $7… and we expect NVIDIA to build visibility to that number over the next 2-3 quarters.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.