Susquehanna Raises Price Target on Nvidia to $230
Susquehanna analyst Christopher Rolland raised on November 13, 2025, the price target on Nvidia to $230 (from $210) while maintaining a ‘Positive’ rating on the stock.
“Nvidia reports earnings on Wednesday, November 19. We expect better results and guidance as GB300 is expected to continue ramping in 2H.
For DC Compute, AI demand continues to be supported by ever-increasing hyperscale capex plans.
The top five hyperscalers are now expected to increase capex spend by 69% YOY in 2025 (vs. Street estimates of +60% YOY prior to the quarter).
Notably, hyperscaler capex is expected to grow 24% YOY in 2026, further supporting growth into 2026.
On the supply side, read-throughs from Foxconn were also positive, as the company impressively achieved its CY25 AI server revenue target in just three quarters.
As a reminder, Blackwell Ultra comes with a higher ASP (our XPU Costing Analysis [link] suggests Blackwell Ultra carries ~14% higher ASPs), and therefore the mix-up of B300/ GB300 will be important to support the double-digit % QOQ revenue growth we and the Street have modeled for both 3Q/4Q.
Interestingly, at NVIDIA DC GTC Jen Hsun noted visibility into >$500B of Blackwell and Rubin revenue through CY26.
While we suspect this revenue number encompasses both Compute and Networking, this nonetheless implies upside to the Street’s cumulative FY26 and FY27 DC number given this target.
On DC Networking, we expect further growth as the full networking ecosystem around GB300 continues to ramp.
We wonder if CEO Hsun will speak to the intensifying chatter around the impending “power wall” as the gating issue to global DC builds (and subsequent GPU purchases) beginning in 2028 and beyond.
For Gaming, our 3Q25 PC-SIGnals data [link] skewed positive as NVIDIA gained aftermarket GPU share and GPU retail ASPs rose 8.1% QOQ in 2Q25 (pricing up 32.3% since 4Q24).
Importantly, Nintendo increased its guidance for Nintendo Switch 2 units to 19 million (vs. prior guidance of 15 million).
For Pro Viz, we expect generative AI and Omniverse to continue to drive growth here.
Auto (smaller for NVIDIA) reads are more mixed, as global EV and ICE demand continues to be softer than expected, particularly outside China, and may be further impacted by tariffs/end of EV tax credits.
Beyond the top line, we expect generally in-line GMs for October as the company remains on the path to achieve mid-70s by year-end.
We maintain our Positive rating and increase our price target from $210 to $230 (~34x C2026E EV/NOPAT), as we still view NVIDIA as having one of the largest opportunity sets ahead. “
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