Mizuho Reiterates $275 Price Target on Nvidia

Mizuho analyst Vijay Rakesh reiterated on February 26, 2026, an ‘Outperform’ rating and $275 price target on Nvidia.

“NVDA reported strong JanQ rev $68.1B (cons. $65.8B ) and guided AprQ to $78B above cons $72.6B) with Blackwell ramping, Rubin ahead and AI-bubble worries easing.

We highlight:

1. Key DC revs at ~ $62.3B up 22% q/q (up 75% y/y), with total Blackwell revs estimated at ~ $50B ,
2. CSP at ~50% of revs with sovereign also driving strong tailwinds,
3. AprQ Blackwell ramps ongoing while Rubin 2H26E launch on-track with customers now sampling;
4. JanQ Networking up 34% q/q as demand strong with GB200/300 ramps,
5. GM outlook flattish with AprQ guided to 75%, down 20bps q/q, and expected to remain in the mid-70% range, and
6. demand still accelerating with viability improving as it now has a >$500B Blackwell + Rubin revenue pipeline through C26E.

Reiterate Outperform and $275 PT, adjust estimates, as we see NVDA remaining the clear merchant AI-GPU leader at attractive ~25x F27E P/E.”

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