Mizuho Keeps $245 Price Target on Nvidia

Mizuho analyst Vijay Rakesh reiterated on December 30, 2025, an ‘Outperform’ rating and $245 price target on Nvidia.

“It was the night before Christmas and NVDA announced a “semi-acquisition” non-exclusive licensing $20B deal with Groq.

Key takeaways

1. The deal gives NVDA access to Groq’s inference LPUs (Language Processing Unit), with Groq founder Jonathan Ross, also TPU founding member joining NVDA,
2. Groq recently lowered its 2025E revenue outlook to $500M from $2B prior (Link), valuing it at ~40x C25E P/S,
3. The deal highlights NVDA shifting focus to inference (60-80% of workloads over the LT) as key to AI driving ROI/Revenues, and
4. Validates SRAM on-chip to drive faster token generation speeds (Ex-2) and lower costs with we estimate potential NVDA inclusion on Feynman in 2027-28E with NVLink Fusion.

No change to our NVDA ests/PT of $245.

We see this deal as a benefit to NVDA in the long-run as it adds key IP to its engineering team to build its inferencing capabilities.”

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