Nvidia (NVDA) stock is in the spotlight as Wall Street analysts reaffirm their bullish stance after the company reported strong Q3 results and upbeat guidance. However, the stock slipped about 3% on Thursday, giving back early gains due to growing investor caution about the sky-high valuations and the risks tied to the fast-moving AI market. Notably, top analyst Mark Lipacis at Evercore ISI raised his price target on NVDA from $261 to a Street-high $352 while keeping his Buy rating. The new price target indicates an upside potential of about 95%.
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Lipacis is a five-star analyst on TipRanks, ranking #51 out of 10,123 analysts tracked. He has a 65% success rate and an average return per rating of 26.30%.
Here’s Why Evercore Analyst Is Bullish on NVDA
Lipacis said recent checks show Nvidia is still the top pick for AI chips, and demand for its new Blackwell lineup is ramping faster than expected. He noted Blackwell revenue jumped nearly 50% quarter-over-quarter, or more than $13 billion, as supply of the GB200 and GB300 improved.
He also pointed out that Nvidia is building inventory to support larger orders. Nvidia’s inventory rose 32% quarter-over-quarter, while supply commitments increased 63%. In his view, this setup could help Nvidia hit, or even beat, its $500 billion goal for data center compute orders across 2025 and 2026.
Lipacis estimates Nvidia has recognized roughly $110 billion from its current compute pipeline so far, leaving more than $390 billion still ahead over the next few quarters. He expects revenue growth to accelerate from about 56% in mid-2025 to 79% in mid-2026 as this plays out.
He also sees room for valuation upside. Nvidia trades near 25x forward earnings, which he said is about a 30% discount to its long-term average of 35x. To him, this suggests the recent pullback offers long-term investors a chance to add exposure while the stock is still trading below its usual range.
Is Nvidia a Good Stock to Buy Right Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on NVDA stock based on 39 Buys, one Hold, and one Sell assigned in the past three months. Further, the average NVDA price target of $256.05 per share implies 41.75% upside potential.
