CLSA Maintains High-Conviction Outperform on NVIDIA, $270 Price Target

CLSA analyst Bhavtosh Vajpayee reiterated a High-Conviction Outperform (1) rating and $270 price target on NVIDIA (NASDAQ: NVDA)

“Nvidia’s 3QFY26 revenue of US$57bn (CLSA: US$56.8bn) is a 3.5% beat of the top end of its guidance, Nvidia’s best beat in the last four quarters.

4Q guide of US$66.3bn revenue (at the top end) is ahead of our US$64bn estimate, and hints at a steady, if not accelerating AI build. Notably, 4Q topline guidance is faster growth than its 3Q’s report.

We believe Nvidia’s steady momentum should answer AI doomerism, which ignores the virality of AI use cases, rising token consumption, 73 AI start-ups above US$100m in ARR, and the expected decline in cost/token as new, faster GPUs are launched in 2026.

We retain our High-Conviction Outperform rating and US$270 target price based on a 35x PE to FY28CL EPS.”

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