Cantor Fitzgerald Keeps ‘Overweight’ Rating on Nvidia

Cantor Fitzgerald analyst C.J. Muse reiterated on October 3, 2025, an ‘Overweight’ rating and $240 price target on Nvidia.

“We have been keenly focused on two key questions over the last year.

First, what will NVDA do with its excess Free Cash Flow from the tremendous growth in its Data Center business?

And second, how will new emerging Data Center players like OpenAI, Oracle, xAI, Coreweave, Lambda, and others, fund their planned hundreds of billions in AI Infrastructure investments?

We got the answer last week with NVIDIA’s investment in OpenAI.

And with this decision we believe NVDA is solidifying its position as THE de facto AI infrastructure company, quarterbacking the robust AI industry buildout that is in its infancy today.

A concern that has arisen following the OAI/NVDA partnership announcement is around the circularity of vendor financing and potential of an AI bubble – this dynamic is the primary focus are of this note, through which we detail our thoughts around demand, the new financing paradigm, broader industry implications, and our view on what this means for NVDA.

In short, we are not concerned – AI is just getting started and our work would suggest staying long and strong the AI-levered group (NVDA our top pick with clear path to $10T+ mkt cap;”

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