Chipmaker Nvidia (NVDA) recently became the first company in history to reach a $5 trillion market cap, and some analysts believe it could go much higher. More specifically, Loop Capital Markets, led by five-star analyst Ananda Baruah, boosted its price target from $250 to $350 per share, thereby making it the highest on Wall Street. In fact, this target suggests over 70% upside from Nvidia’s last close of $202.49 and would imply a future valuation of more than $8.5 trillion.
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As a result, shares of Nvidia are up at the time of writing to continue a strong run that has seen the stock gain more than 50% this year. Notably, Baruah stated that Nvidia is leading a new “Golden Wave” of generative AI adoption, which could be even stronger than previously expected. More precisely, the company is preparing to ramp up shipments of its next-generation Blackwell GPUs, which could double unit volumes over the next year while also benefiting from higher average selling prices.
Separately, Rosenblatt Securities raised its price target on Nvidia as well to $240 from $215, thanks to over $500 billion in expected Blackwell chip orders through 2026. Five-star analyst Kevin Cassidy noted that Nvidia’s AI platform is expanding quickly into markets other than large data centers, which creates more use cases for its products. Interestingly, this growing optimism comes just ahead of Nvidia’s earnings report on November 19.
What Is a Good Price for NVDA?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Nvidia stock based on 37 Buys, one Hold, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average Nvidia price target of $237.14 per share implies 12.3% upside potential.
