Raymond James Assumes NVIDIA at Strong Buy, $272 Price Target

Raymond James analyst Simon Leopold assumes coverage on NVIDIA (NASDAQ: NVDA) with a Strong Buy rating and a price target of $272.

“We resume coverage of NVIDIA Corporation (NVDA) with a Strong Buy rating.

NVIDIA, the leader in accelerated and AI computing, benefits directly from a multi-year build-out of “AI factories” and data-center-scale platforms.

Instead of an annual new GPU architecture, NVIDIA alternates between a GPU die architecture update in year one, then an “Ultra” chip/systems/networking update in year two.

With hundreds of millions of installed GPUs, more than six million developers, and deep integration into enterprise and sovereign AI initiatives worldwide, NVIDIA is uniquely positioned at the center of what it calls the “AI industrial revolution,” where data is the raw material and digital intelligence is the output.

We establish a $272 price target. Our model reflects estimates for key projects from our market model.

We model peak Blackwell sales at 6.9M chips in CY26 vs. the 3M+ NVIDIA will have shipped through October and the 7M it has on order for the remainder of F4Q26 and FY27/CY26.

Street estimates appear conservative, and our market model and detailed NVIDIA segment forecasts suggest positive revisions.

Power constraints and the overall AI cycle are the key risks, and we expect shares to experience at least one outsized drawdown every year or two, but right now the investment cycle appears to be sustaining strong AI investment momentum and shares are reasonable at ~28x NTM P/E.”

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