Cantor Fitzgerald Maintains Overweight on NVIDIA, $240 PT

Cantor Fitzgerald analyst C.J. Muse reiterated on August 28, 2025, an ‘Overweight’ rating and $240 price target on Nvidia.

“While the October revenue guide of $54.0B beat consensus of $52.6B, the buyside was hoping for ~$1B more, causing a modest sell-off overnight.

As for our view, rise up tomorrow morning, smile with the rising sun, and don’t worry about a thing “cause every little thing (is) gonna be alright”.

NVDA is currently sold out of Blackwell and the October Q outlook includes zero China H20 revenues given geopolitical uncertainty, though mgmt. suggested their ability to ship $2-5B in the Q.

As this gets resolved, look for upside into 2HCY25 and beyond with China today completely de-risked.

Very importantly, the Blackwell Ultra ramp is just getting started (generating tens of billions of revenues in the July Q), and we continue to see NVDA on a path to ship 5.5M GPUs in CY25, coupled with meaningful Networking attach that continues to support a stretch goal of $200B in Data Center revenues in CY25 (vs. current consensus of $178B and notwithstanding headwinds from China).

Looking ahead, we look for a solid hand-off from Blackwell Ultra to Rubin in 2HCY26 (mgmt. indicated ramp on track, recently taped out 6 new chips at TSMC) as the company scales to support an estimated $3-4 trillion AI infrastructure buildout through the end of the decade and pushing NVDA to a path to $300B in Data Center revenues in CY26E (which would support our highlighted stretch EPS goal of $8.00).”

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