TD Cowen Affirms Buy on NVIDIA, $275 PT

TD Cowen analyst Joshua Buchalter reiterated a Buy rating and $275 price target on NVIDIA (NASDAQ: NVDA).

“Despite our expectations for a strong quarter and its much lower valuation compared to peers, we think the stock is unlikely to move significantly on earnings as we think shares continue to be driven by non-fundamental factors, as we discussed here.

We remain believers in NVIDIA’s fundamentals and competitive positioning in the dynamic AI environment (and it remains a Top Pick), but past quarters have demonstrated that a beat/raise are simply not enough to drive stock outperformance. • Like previous quarters, we believe investors are broadly expecting another beat and raise, driven by continued strength of Blackwell sales, the early ramp of Vera Rubin systems (which are scheduled to begin in F3Q), and Networking.

Ongoing momentum in AI, supported by cloud capex, technological innovation at frontier labs, and increased proliferation of open-weight models should continue to support upside to guidance.

In our view, demand visibility now extends well into 2027 and, in some cases, early 2028”

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