Oppenheimer Lifts Nvidia’s PT to $265

Oppenheimer analyst Rick Schafer raised on November 13, 2025, the price target on Nvidia to $265 (from $225), while maintaining an ‘Outperform’ rating on the stock.

“NVDA reports earnings Wednesday (11/19).

We see upside to consensus F3Q (Oct.) sales/EPS $54.7B/$1.25 and F4Q (Jan.) $61.5B/$1.42 led by new GB300 Ultra. CSP/hyperscalers continue to upside capex reflecting insatiable AI appetite.

NVDA rack-scale NVL72 remains AI’s go-to performance/watt leader. NVL72 supply remains tight as backlog grows.

At GTC DC two weeks ago, Founder/CEO Jensen Huang highlighted cumulative Blackwell/Rubin revenues of $500B by end CY26 ($350B balance).

Exponential growth drivers including reasoning and agentic AI creating an adoption flywheel. China, >$50B opportunity, remains out of the model for now.

NVDA overall TAM $4T ($2T CSP, $1.5T sovereign, $500B enterprise).

Power remains an omnipresent bottleneck. NVDA remains best positioned to win in AI.

Reiterate Outperform. Target to $265 (from $225).”

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