KeyBanc Raises NVIDIA Price Target to $250

KeyBanc analyst John Vinh raised the price target on NVIDIA (NASDAQ: NVDA) to $250 (from $230) while maintaining an Overweight rating.

“(positive, raising estimates, Overweight, increasing PT to $250 from $230) – Positive implications include: 1) CoWoS supply is increased for 2025/2026; 2) rack manufacturing yields puts GB rack shipments in 2025 on track for ~30K and at least 50K racks in 2026; and 3) increased specifications for VR200 NVL144 (Vera Rubin) should allow NVDA to maintain its competitive leadership position over AMD’s MI400.

As such, we’re raising estimates accordingly.

NVDA is now revising up its CoWoS demand modestly this year to 370K interposers, which represents over 90% growth, and for next year, has revised up its CoWoS supply to 530K interposers, which is 10% higher than its prior capacity and over a 40% increase over 2025.

With EMS GB rack manufacturing yields improving to over 85%, we believe NVDA is on track to ship ~30K racks this year and at least 50K racks in 2026.”

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