RBC Capital Keeps Outperform on NVIDIA, $330 Price Target

RBC Capital analyst Srini Pajjuri reiterated an Outperform rating and $330 price target on NVIDIA (NASDAQ: NVDA).

“Demand trends robust; Supply, infrastructure funding, and DC moratoriums in focus; We expect another strong quarter with 3-4% revenue beat for FQ3 and ~2-4% raise for FQ4.

Demand indicators (GPU rental prices, hyerpscaler capex, and cloud service revenue) all point to robust environment with component supply being the key limiting factor to further upside.

Our recent conversations in the supply chain point to strong Vera Rubin (~60% ASP bump) ramps while Agentic AI is expanding standalone CPU opportunity.

We believe it’s a bit early to assess the impact from potential DC moratoriums but see silver linings as space/power constraints could: 1) extend the duration of current AI spending cycle; and 2) work in NVDA’s favor given its tokens/watt advantage (higher productivity from scarce capacity).

At ~12x CY27E EPS, valuation is compelling (>50% discount to Semi peers/Mag7) in our view with $200B+ buyback authorization adding further support. Reiterate Outperform.”

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