Goldman Sachs Reiterates Buy on NVIDIA, $200 PT

Goldman Sachs analyst James Schneider reiterated on August 28, 2025, Nvidia’s price target of $200.

“We expect the stock to trade down modestly following an in-line quarter and guidance, against a backdrop of elevated expectations heading into the call.

On the positive side, Nvidia’s Rubin product is now in early manufacturing with volume production on track for mid-2026.

Nvidia’s customer base also continues to diversify, with sovereign customers now expected to generate over $20 bn of revenue this year, more than doubling from 2024.

However, the resumption of Nvidia’s China business remains less clear as uncertainty remains surrounding both H20 product demand and export licenses for Blackwell.

In terms of Nvidia’s near-term fundamentals, our estimates are largely unchanged as ongoing Hopper sales and resilience in the non-Datacenter portfolio are largely offset by a slower Blackwell production ramp.

We remain Buy rated on Nvidia given the magnitude of the upside opportunity we see in 2026, driven by both increasing hyperscaler spending and demand from non-traditional customers – and our EPS estimates stand ~10% above the Street for 2026.”

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