Cantor Fitzgerald Maintains Overweight on NVIDIA, $300 Price Target

Cantor Fitzgerald analyst C.J. Muse reiterated an Overweight rating and $300 price target on NVIDIA (NASDAQ: NVDA).

“Following ~10% selloff since early November, NVIDIA offered a modestly better-than-buyside guide for the January Q ($65B vs. our estimated $64B as buyside expectations) sending shares higher.

Importantly GB300 has already crossed over GB200 and is driving a reacceleration in Data Center revenues from +56% in the July Q to +64% in the October Q and implied guide of +67% in the Jan Q – a key inflection in our view, and seamless handoff from one generation to the next, which highlights NVIDIA’s efforts in driving supply chain capabilities to support its rack-scale solutions.

Obviously, market concerns regarding financing the current AI Infrastructure remain, but Jensen offered a very bullish outlook for AI, and we readily agree.

Blackwell sales are “off the charts” and GPU infrastructure is completely sold out today – and we believe NVDA offerings are essentially sold out through all CY26, with backlog growing for CY27.

Thus, the company’s previously guided $500B+ in Blackwell/Rubin Data Center orders through CY26 is clearly just a starting point (with announcements including Anthropic and HUMAIN adding upside to this bogey), supporting a path to $9 in EPS if not more in CY26 (our new estimate vs. consensus coming in of $6.63).

In turn, this means NVIDIA is trading at a forward P/E of a rather paltry 21x.

Bigger picture, the robust growth outlook for NVIDIA remains intact led by 3 very significant platform shifts – 1) move from general purpose CPU to accelerated GPU computing, 2) the transition to generative AI replacing traditional ML and enabling greater monetizing of hyperscaler platforms, and 3) the shift to AI agents and leveraging AI as a force multiplier and opening new markets/applications.

As the essential AI Data Center infrastructure company at the heart of these trends, we look for NVIDIA to continue to lead this amazing AI flywheel and enable tremendous growth in earnings power into the expected $3-4T in AI Infrastructure spending exiting the decade.

So no change to our thesis. We remain in the early innings of AI, and NVIDIA will continue to lead the way.

NVIDIA remains our TOP PICK, and we reiterate our $300 price target (33x/25x our CY26/27 EPS estimates).”

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