The much-awaited third-quarter results of semiconductor giant Nvidia (NVDA) are scheduled for release on Wednesday, November 19. While NVDA stock has been under pressure recently due to concerns about rising competition, uncertainty about the company’s China business, and worries over stretched valuations of artificial intelligence (AI) stocks, most Wall Street analysts remain bullish about the AI GPU (graphics processing unit) provider’s Q3 FY26 earnings. Top Evercore analyst Mark Lipacis expects Nvidia to deliver beat-and-raise results. The analyst reiterated a Buy rating on NVDA stock with a price target of $261, saying that Evercore continues to view it as “a top pick and core semiconductor holding” ahead of the Q3 FY26 earnings.
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Meanwhile, Wall Street expects Nvidia to report a 54.3% year-over-year rise in Q3 FY26 earnings per share (EPS) to $1.25. Revenue is estimated to grow by more than 56% to $54.85 billion.
Evercore Analyst Is Bullish on NVDA Stock Ahead of Q3 Earnings
Lipacis stated that he expects Nvidia to surpass Q3 expectations and raise its guidance, as Evercore’s channel checks reflect that GB200 and GB300 availability has notably improved, though demand continues to surpass supply.
Interestingly, the 5-star analyst noted that while Wall Street’s estimates for Nvidia’s Blackwell and Rubin platforms, along with their related networking revenue, currently add up to about $335 billion, CEO Jensen Huang recently pointed to a $500 billion pipeline by the end of calendar year 2026. This notable gap suggests there could be significant upside to Wall Street’s expectations.
Meanwhile, Lipacis highlighted that NVDA stock is trading at an NTM (next 12 months) P/E multiple of 30x, which is below its 9-year median of 35x and just 11% above Marvell Technology (MRVL), but 16% below Broadcom (AVGO) and 27% below Advanced Micro Devices (AMD). Furthermore, NVDA stock’s current 2026 PEG (price/earnings to growth) ratio of 0.55x is much lower than 1.0 (fair value) and far below the average of 1.4x for the rest of Evercore’s AI coverage. Overall, Evercore remains a buyer of NVDA stock ahead of the semiconductor giant’s October quarter earnings.
Interestingly, Lipacis ranks No. 51 out of more than 10,100 analysts on TipRanks. He has a success rate of 65%, with an average return per rating of 26.30% over a one-year period.
What Is the Price Target for NVDA Stock?
Overall, Wall Street has a Strong Buy consensus rating on Nvidia stock based on 37 Buys, one Hold, and one Sell recommendation. The average NVDA stock price target of $242 indicates 30% upside potential. NVDA stock has risen 39% year-to-date.
