Citi’s top analyst, Atif Malik, has raised the price target on Nvidia’s stock (NVDA) from $180 to $190, implying 19.2% upside potential from current levels. Malik cited a 13% increase in his prior projections for the total addressable market (TAM) of artificial intelligence (AI) data center semiconductors for 2028. Moreover, the five-star analyst expects Nvidia to report higher revenues from compute and networking going forward.
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Notably, Malik ranks #13 out of 9,710 analysts on TipRanks. He boasts a 73% success rate and an attractive average return per rating of 30.60%. Furthermore, Malik has achieved even better results with his NVDA stock recommendations to date. For reference, his success rate on NVDA stands at 84%, with an average return per rating of an impressive 81.96%.
Malik Raises Nvidia’s Forecasts
Malik raised his fiscal 2028 earnings per share (EPS) estimate for Nvidia to $6.37. Subsequently, he kept his price-to-earnings (P/E) ratio constant at 30x and lifted the firm’s price target to $190.
According to Malik’s projections, the TAM for AI data center semiconductors is now expected to grow in FY28 to $563 billion, up 13% from the prior projection of $500 billion. The top analyst attributed this solid growth to higher-than-anticipated sovereign demand, which is already contributing billions of dollars in 2025.
Additionally, he expects networking solutions to generate greater potential demand. The overall networking TAM for 2028 has been increased to $119 billion from $90 billion. This increased demand is driven by the need for larger AI training clusters and new opportunities for expanding internal networking within organizations or data centers as operations scale up.
For Nvidia, networking sales are projected to increase by 12% for FY27 and 27% for FY28, contributing 20% to total data center revenue. The analyst also raised the model’s gross margin estimates to the mid-70s by the end of Fiscal 2026. He sees a stronger ramp-up in Nvidia’s Blackwell GB200 and GB300 platforms going forward. Malik stated that supply concerns are overblown and that Nvidia is able to deploy the Blackwell platform at a rapid pace.
Is NVDA a Good Stock to Buy Now?
Wall Street remains highly optimistic about Nvidia’s long-term stock outlook. On TipRanks, NVDA stock has a Strong Buy consensus rating based on 35 Buys, four Holds, and one Sell rating. Also, the average Nvidia price target of $175.69 implies 10.3% upside potential from current levels. Year-to-date, NVDA stock has gained 18.7% and has become the world’s most valuable company, with a market capitalization of $3.89 trillion.
