Evercore Increases Price Target on Nvidia to $214

Evercore ISI analyst Mark Lipacis raised on August 22, 2025, the price target on Nvidia to $214 (from $190) while maintaining an ‘Outperform’ rating on the stock.

“Attractive Valuation

NVDA is trading at a NTM P/E ratio of 33x, below the 8-yr median of 36x, and only 6% above AMD’s 31x P/E and 10% below AVGO’s 37x.

We forecast NVDA’s EPS to grow by 48% in 2025 and 39% in 2026, which translates to a PEG ratio well below parity, which we view as attractive.

Precedent to Reach 14% Weighting in the S&P500 Index?

At an 8% weighting of the S&P500 Index, we sense investor concern that NVDA can’t capture a higher weighting bc there is no precedent.

Since NVDA is offering a vertically integrated chip + software + hardware + networking ecosystem, we show that the PC+NWing ecosystem of INTC+MSFT+DELL+CSCO captured 14% weighting at their peak, and we think that this is the precedent to benchmark NVDA against.”

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