Jefferies Increases Nvidia’s Price Target to $240

Jefferies analyst Blayne Curtis raised the price target on Nvidia to $240 (from $220) while maintaining a Buy rating.

“Coming out of GTC DC, NVDA pointed to line of sight to fulfilling $500B of orders in 2025/2026 between Blackwell and Rubin.

Our bottom-up build suggests $464B of revenue for CY25/26 for those two families (suggesting another $36B in upside assuming NVDA hits that estimate).

Given this endorsement by NVDA, we are raising our estimates further to $293B/$384B (from $283B/$334B) in CY26/27.

We raise our EPS to $9 in CY27 with our bottom-up build suggesting $10+ in EPS in 2027.

We still see more room for the stock to work and raise our PT to $240 (27X CY27 EPS of $9.03).

We also took this opportunity to remove China from our estimates and add in CPX (detailed below).”

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