What the analyst said
Barclays analyst Tom O’Malley reiterated an Overweight rating and $275 price target on NVIDIA (NASDAQ: NVDA)
“Reading through the lines of this year’s event pointed to 3 key takeaways 1) agentic AI is here (emphasis on OpenClaw and NemoClaw) and will accelerate the importance of AI factories and performance per watt as the KPI, 2) power is one of the most important considerations for DCs and product roadmaps (saving as much power for the GPU, power equals revenue), and 3) copper has a longer runway with scale-up remaining copper in-rack through Feynman.
Jensen delivered a slightly confusing message on scale-up CPO but our understanding is that CPO is moving into switch-to-switch “scale-up” connections across racks in NVL576 (8 Oberon racks connected together) and NVL1,152 (8 Kyber racks networked together starting with Feynman).
Copper will still scale-up GPUs in-rack for both of these technologies. The event also included some surprises vs. expectations. Groq LPU is coming as early as Q3 and could represent up to 25% of the compute in high end inference workloads.
Vera Rubin Ultra Kyber rack architecture got a bit of a re-design (more on this below). Copper will stick around a lot longer than expected.”
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Where the price stands
NVDA trades at $161. The 32 analysts who set a target in the last 3 months range from $170 to $515, with a median of $260. This $275 target is 6% above the median.
Since the note NVDA has moved −11% (from $182). 12-month window: day 240 of 365, closes on March 18, 2027.
Track record
This callOpen: NVDA has not reached $275 yet. This 12-month target is scored on March 18, 2027.
Firm track recordBarclays: 83% of its 40 targets at least a year old were reached within 12 months (#6 of 26 firms); on NVIDIA, 5 of 6. Accuracy ranking →
Barclays on NVIDIA
Barclays price targets on NVIDIA
4 calls from November 20, 2025 to November 13, 2026. The target went from $275 to $210 (−24%). The rating stayed Buy.
- November 13, 2026Target cut from $275 (−24%)Buy$210
- May 21, 2026Kept the $275 targetBuy$275
- March 18, 2026 This noteKept the $275 targetBuy$275
- November 20, 2025Earliest call shownBuy$275
