Barclays Raises Nvidia’s Price Target to $240

Barclays analyst Tom O’Malley raised on September 25, 2025, Nvidia’s price target to $240 (from $200), reiterating an ‘Overweight’ rating.

“When Jensen first forecast a $1T industry by the end of the decade, we admittedly balked.

With the wave of announcements that have come over the last 6-9mo, we now estimate over $2T of planned spend at ~40GW of power in total.

Within that, we attribute ~65-70% to compute & networking with more deals likely in the pipeline, which starts to make the updated guidance of $3-4T look much more real.

Given the variation of data available for each project, we used both the conversion of 1GW=$50-60B of total spend and used the more recent 1M GPU per 2GW associated with the OpenAI deal announced last week.

When summed, this equates to $1.5T of compute & networking spend and 19M GPUs, which we acknowledge isn’t perfectly pro-forma.

We also acknowledge that some of these dollars will go towards custom silicon but in the tracked announcements thus far there is little reference to any specific programs.

We introduce an AI capacity tracker that aggregates announced compute deployments, power, and chips that we will update real time and offer to clients.

We see this as a positive for all accelerator names (AVGO + AMD) but we see this largely flowing into the NVDA P&L over the next 5+ years, moving numbers materially higher and making this the most attractive name in our space.

We move our price target to $240.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.