KeyBanc Hikes Nvidia’s Price Target to $230

KeyBanc analyst John Vinh raised on August 27, 2025, the price target on Nvidia to $230 (from $215) while maintaining a ‘Overweight’ rating.

“NVDA reported solid F2Q (Jul) results, which were slightly above cons, and guided F3Q (Oct) solidly higher.

Most notably, we’d highlight:

1) F2Q Data Center revs missed expectations as Compute was flat q/q, while Networking grew 46% q/q, likely reflecting lower GB rack yields in 1H;

2) F2Q results and F3Q guidance excludes China, which could contribute $2B-$5B in incremental revs to F3Q if more licenses are granted;

3) F3Q guidance is solidly above, as cons includes ~$1B in China revs and reflects improving GB rack shipments as GB300/B300 is ramping (tens of $B in revs).

Despite slightly disappointing results, we’re raising our ests slightly given higher guidance and nudging our PT to $230.

Maintain Overweight.”

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