Mizuho Reiterates Outperform on NVIDIA, $205 PT

Mizuho analyst Vijay Rakesh reiterated on August 27, 2025, an Outperform rating and $205 price target on Nvidia.

“We see NVDA remaining the leader in the AI training and inference chips for Data Center applications (we estimate >95% share today), which we believe is growing at ~60% CAGR to >$500B by 2028E.

Gaming GPUs (we estimate >75% PC share) are expected to remain healthy and stable, while NVDA’s automotive ADAS pipeline remains strong.

We continue to see NVDA executing its roadmap, with GB200 and NVL72/36 ramping in 2025E, as well as increasing its AI server content via the Grace CPU.

We believe headwinds from China AI chip restrictions remain muted.

We also see upgrade cycle opportunity for the RTX 50-series as RTX 40-series penetration remains at ~10% of the PC market, as NVDA could see a ~$16B/yr Gaming revenue run rate.”

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