UBS Raises NVIDIA Price Target to $235

UBS analyst Timothy Arcuri raised the price target on NVIDIA (NASDAQ: NVDA) to $235 (from $205) while maintaining a Buy rating.

“In addition to a number of new partnerships, NVDA’s new demand commentary suggests Street estimates are too low by a significant margin.

This is also supported by our recent supply chain work – as a result, we are raising C2026E EPS to ~$7.72 and C2027 to ~$9.42 with data center revenue now reaching ~$377B in C2027 (up from ~$190B this year).

We don’t yet see enough production or HBM support for the sort of unit and revenue numbers NVDA suggested today (see below) but some of this could be because we believe NVDA will recognize revenue on at least ~15% less GPU units this year versus what is being produced – in large part because of letting channel clear as GB300 racks ramp.

Adjusting for this, we could get closer to what NVDA seems to be implying and this could push EPS as high as ~$8.75 in C2026 and NVDA is still suggesting this could move higher if customers place orders soon so lead times allow for additional shipments before CYE26.”

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