Stifel Raises NVIDIA Price Target to $315
Stifel analyst Ruben Roy raised the price target on NVIDIA (NASDAQ: NVDA) to $315 (from $282) while maintaining a Buy rating.
“F2Q revenue of $96.2bn (+106% y/y) and adj-EPS of $2.22 beat consensus estimates of $92.2bn and $2.09. F3Q was guided to $108B (~3% against consensus).
More importantly, management issued its first longer-term, full-year outlook in company history, with expectations for FY28 revenue growth of approximately 70%, which considers continued supply constraints against a demand environment that was characterized as supportive of 100% revenue growth.
An offsetting gross margin reset to 72-73% is a memory cost pass-through, not pricing erosion; price increases take effect in F1Q28, and approximately $350bn of supply commitments convert cost exposure into volume firmness.
Vera Rubin is ramping (fastest product ramp in company history), with revenue opportunity per gigawatt compounding from $18bn (Hopper) to $40bn.
Meanwhile, $108.5bn of contingent guarantees and neocloud take-or-pay revenue share buy exclusivity on land and power, while adding a recurring, utilization-linked layer we do not believe is in the shares.”
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