Wells Fargo Lowers NVIDIA Price Target to $300

Wells Fargo analyst Matt Bryson lowered the price target on NVIDIA (NASDAQ: NVDA) to $300 (from $315) while maintaining an Overweight rating.

“CEO Investigation; Key Person Risk: Although the investigation(s) into CEO Jensen Huang / key person risk will remain an overhang, we are comfortable w/ the risk at a ~9x P/E on what we see as durable CY28 EPS; or, rather we see little / no risk to demand destruction / fundamental impact at this point.

We maintain our positive outlook / confidence in out-year ests given NVIDIA’s leadership position & supply chain capabilities / execution. Our $300 PT (was $315) is 15x P/E on our CY28 EPS.

F4Q27 Guide Thoughts (See Est. Table): We expect NVDA to guide F4Q27 above consensus on strong supply execution; maintain F4Q27 rev / EPS at $126.4B / $2.77 vs. Street at $124.3B / $2.73.

We’ll be focused on updated GM% commentary as NVIDIA prev noted an expects for GM% to bottom in F4Q27 in the 71-72% range (memory inflation driven) before settling in 72-73% range in FY28 (we model 72.3%) post price increases.

We expect NVDA to be aggressive on share repo w/ recent $150B expansion; $235B total. Demand Resiliency; 2028 Visibility in Focus.

Following several strong data center results and outlooks (e.g., TSMC, AMD, ARM, INTC – ignoring PC reset; SMCI, ANET), we expect NVIDIA to highlight a very strong demand backdrop and an expectation that the AI investment cycle remains durable.

Most incremental, in our view, will be the company’s thoughts on 2027 land/power/shell availability and 2028 planning conversations with customers given uncertainty on financing, data center approvals, etc.

Supply Chain Scaling.

While we don’t expect GW/qtr. production capacity figures on the call (would be nice), we are focused on any updates on supply chain scaling efforts & investments, changes in supply visibility to support demand / potential upside, purchase commit. expansion, etc.

We est.

NVDA’s total AI infra capacity crossed 4GW in F3Q27 (vs. ~3GW/qtr. exiting F4Q26) & model ~23GW in FY28 / CY27 – upside potential a key focus (esp. given SPCX comments on adding 10GW in CY27).

Standalone CPU Racks: Given the acceleration in server CPU demand seen over the last several months due to adoption / proliferation of agentic AI, we think NVIDIA could highlight very strong demand / rev. from standalone server CPU racks powered by Vera CPUs.

As a reminder, Intel expects server CPU units to grow 30% y/y in 2026 & 2027 w/ TAM growing to >$200B in 5 yrs.; AMD reit. path to $220B TAM by 2030, & NVIDIA itself has outlined a $200B TAM serviceable by its CPUs.”

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