TD Cowen NVIDIA · NVDA

TD Cowen Affirms Buy on NVIDIA, $235 Price Target

November 20, 2025 Analyst: Joshua Buchalter 1 min read Reproduced verbatim
Rating
Buy
Unchanged
Target
$235
Outcome
Reached
on May 14, 2026
TD Cowen and NVIDIA logos

What the analyst said

TD Cowen analyst Joshua Buchalter reiterated a Buy rating and $235 price target on NVIDIA (NASDAQ: NVDA).

“A healthy reminder of NVIDIA’s AI leadership and the still insatiable demand for AI compute. NVIDIA delivered a beat/raise that cleared the bogey.

Reiterated $500B revenue visibility by end of C2026 (and hinted upside) and strong qualitative pushback on “AI Bubble” narratives unlikely to fully quell bearish concerns, but it’s hard to argue with the numbers.

Reiterate Buy, Top Pick.

Our F2026 estimates come down slightly, while our F2027/F2028 estimates come up on continued momentum. We reiterate our Buy rating and our $235 price target, or ~26x our new F2028E EPS.”

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The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.

Where the price stands

NVDA trades at $229. The 27 analysts who set a target in the last 3 months range from $270 to $515, with a median of $315. This $235 target is 25% below the median, the lowest on the Street.

Since the note NVDA has moved +23% (from $187). 12-month window: day 323 of 365, closes on November 20, 2026.

Track record

This call✓ Target reached on May 14, 2026, 6 months after the note.

Firm track recordTD Cowen: 83% of its 18 targets at least a year old were reached within 12 months (#10 of 20 firms); on NVIDIA, 4 of 4. Accuracy ranking →

Earnings reactionOne of 18 notes after NVIDIA’s Nov 19 results: 13 of 18 raised targets. See every call →

TD Cowen on NVIDIA

TD Cowen price targets on NVIDIA

8 calls from August 19, 2025 to July 9, 2026. The target went from $235 to $275 (+17%). The rating stayed Buy.

TD Cowen targetNVDA share price
  1. July 9, 2026Kept the $275 targetBuy$275
  2. May 21, 2026Kept the $275 targetBuy$275
  3. May 15, 2026Target raised from $235 (+17%)Buy$275
  4. March 17, 2026Kept the $235 targetBuy$235
  5. February 26, 2026Kept the $235 targetBuy$235
  6. November 20, 2025 This noteKept the $235 targetBuy$235
  7. August 27, 2025Kept the $235 targetBuy$235
  8. August 19, 2025Earliest call shownBuy$235
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Other analysts on NVIDIA

UBSBuy Kept rating and price target · Oct 9 $300maintained Yorkville IvesBuy Initiated coverage · Oct 7 $300 CantorBuy Kept rating and price target · Oct 5 $350maintained CantorBuy Kept rating and price target · Oct 1 $350maintained CitiBuy Kept rating and price target · Sep 28 $315maintained
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Price Target is an archive of Wall Street analyst research, published for informational purposes only. Nothing on this site is investment advice, a recommendation, or an offer to buy or sell any security. Analyst ratings and price targets are the opinions of the issuing firms, not of Price Target. Always do your own research or consult a licensed financial adviser.