Oppenheimer Maintains Outperform on NVIDIA, $265 PT
Oppenheimer analyst Rick Schafer reiterated an Outperform rating and $265 price target on NVIDIA (NASDAQ: NVDA) on August 20, 2026, ahead of earnings next week.
“NVDA reports earnings Wednesday (8/26). We see upside to F2Q (July) print and F3Q (Oct.) outlook led by Blackwell Ultra.
Next gen VR200 ramps in the current Q, boosting 2H momentum. $1T-plus revenues from GB200/GB300/VR200 expected ’25-‘27.
NVDA maintains performance/watt lead with an annual cadence of AI accelerator introductions, each multiples better than the last. Tokens per minute/cost per token key metrics.
NVDA best in class (by multiple Xs) in training and inference token generation/cost.
NVDA end-end AI platform provides full stack hardware/software including GPUs, networking (switches, NICs, InfiniBand, ethernet, NVLink), and CUDA.
Vera CPU expected $20B in CY26, on par with x86 rivals (INTC, AMD).
China accelerator sales (H200) provide added upside optionality (>$50B). AI’s castle on the hill.”
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