Wells Fargo Increases Nvidia’s Price Target to $265

Wells Fargo analyst Aaron Rakers raised on November 14, 2025, the price target on Nvidia to $265 (from $220) while maintaining a ‘Overweight’ rating on the stock.

“We slightly increase our near-term ests. but more notably move our FY27 & FY28 ests. higher given cont. upside momentum in hyperscale capex.

We now model FY26, FY27, and FY28 at $209.2B / $4.61, $301.6B / $7.05, & $383.2B / $8.90, respectively (vs. prior $208.9B / $4.60, $281.7B / $6.61, & $323.2B /$7.51).

We increase our FY26, FY27, and FY28 Data Center rev ests. to $186.6B (+62% y/ y), $276.4B (+48%), & $356.5B (+29%).

With our increased estimates, and maintaining a consistent CY27 ~30x P/E multiple given NVIDIA’s strong growth and best-in class positioning for continued datacenter / AI investments, we increase our price target to $265 (from $220).

Our conversations lead us to believe that the upside CY27 EPS bogey has pushed into the +$9/share range (vs. our current $8.90 estimate).

NVIDIA’s supply ramp and confidence / visibility into continued demand strength through 2026+ remains the key focus.”

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