Evercore ISI Raises NVIDIA Price Target to $352

Evercore ISI analyst Mark Lipacis raised the price target on NVIDIA (NASDAQ: NVDA) to $352 (from $261) while maintaining an Outperform rating.

“Revs Reaccelerating – Reiterate OP.

We reiterate our Outperform rating and are increasing our estimates and raising our Price Target from $261 to $352, reflecting 35x our Base Case C2030 EPS of $14.74 discounted back to 2026.

Results were consistent with our channel checks which indicated that NVDA remains the AI ecosystem of choice and that GB200 and GB300 availability had greatly improved –with Blackwell revs increasing by nearly 50% QQ (or $13bn+).

While supplyconstraints remain, we believe the +32% QQ increase in inventory and +63% QQ increase in supply commitments positions NVDA to meet if not beat its $500bn bogey for DC compute orders in 2025+2026.

Importantly, we model revenues accelerate from 56% growth in Jul-25Q to 79% in the Jul-26Q, which we expect will support a premium P/E ratio.

Based on AH pricing, NVDA trades at a 25x P/E – nearly 30% discount vs 9yr median of 35x. We believe risk/reward remains attractive and NVDA remains our Top Pick. Blackwell Ultra (GB300) Ramping.

We estimate that Blackwell Compute revs increased by 48% QQ or $13bn+ compared to the Jul-Q and mgmt noted that Blackwell Ultra crossed over GB200 contributing ~2/3rds of overall Blackwell revs (or ~$27bn).

Another $390bn of $500bn Compute Pipeline to Go.

Our bottomsup estimates imply NVDA only recognized $110bn YTD (incl Oct-Q) of Blackwell+Rubin Compute+NWing revs out of the $500bn NVDA’s CEO indicated at GTC in Washington DC, suggesting NVDA should recognize at least another $390bn in compute+NWing revenues of that original bogey over the next 5-quarters.

We currently model $493bn in total 2025+2026 Blackwell + Rubin revs (incl Networking) but view this estimate as conservative.”

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