As concerns about lofty valuations of artificial intelligence (AI) stocks continue to weigh on investor sentiment, all eyes are on chip giant Nvidia’s (NVDA) results for the third quarter of Fiscal 2026, scheduled for Wednesday, November 19. Ahead of Q3 earnings, Stifel and Exane BNP Paribas raised their price targets for NVDA stock, reinforcing their bullish stance on the AI GPU (graphics processing unit) provider.
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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 $54.90 billion.
Top Stifel Analyst Raises Nvidia Stock Price Target Ahead of Q3 Earnings
Stifel analyst Ruben Roy reiterated a Buy rating on Nvidia stock and increased his price target to $250 from $212. The 5-star analyst noted that for Q3 FY26, NVDA is expected to report a data center AI backlog of about $350 billion as a starting point, revenue of about $54.8 billion, and an adjusted gross margin of 73.7%. Based on historical trends and the rapid ramp of Blackwell chips, Roy expects Nvidia to report a modest Q3 beat. He noted that the Q4 FY26 consensus revenue estimate stands at $61.9 billion, indicating 12.9% sequential growth, with adjusted EPS expectation of $1.44. “Overall, we think supply constraints are still the biggest risk for Nvidia’s stock,” cautioned Roy.
Meanwhile, Roy increased his estimates and introduced Fiscal 2028 forecasts ahead of Nvidia’s Q3 earnings. He highlighted that CEO Jensen Huang’s GTC keynote showcased Nvidia’s role as the “backbone of AI infrastructure,” supported by a cumulative order book of more than $500 billion for Blackwell and Rubin platforms for 2025–2026.
Just like last quarter, Roy expects investors to focus on whether the massive AI infrastructure spending can continue, despite hyperscalers raising capex again and signaling more investment. He also noted concerns over vendor financing, the financial health of many key AI companies, and ongoing supply issues. Nonetheless, Roy’s discussions with industry contacts and recent data points show that demand for AI compute is poised to rise further. Roy believes that Nvidia remains the best-positioned company to benefit from this solid demand backdrop.
Exane BNP Paribas Bumps NVDA Stock Price Target
Likewise, Exane BNP Paribas analyst David O’Connor increased his price target for NVDA stock to $250 from $240 and reiterated a Buy rating. The 4-star analyst stated that he doesn’t expect any major surprises with regard to Nvidia’s Q3 FY26 results, but just the “classic marginal beat/raise.” O’Connor noted that the consensus Q3 FY26 revenue estimate reflects an 18% sequential growth and about a 57% jump from the prior-year quarter. He noted that the consensus top-line estimate is slightly above Nvidia’s guidance of $54 billion, with buy-side expectations running somewhat higher.
O’Connor pointed out that, excluding the Q2 FY26 impact from China chip export restrictions, NVDA has, on average, added $5 billion in incremental revenue in each quarter over the past eight quarters. He highlighted that the Q4 FY26 consensus of $7 billion is on the higher side, but it includes a higher Blackwell average selling price (ASP).
Is NVDA Stock a Buy, Sell, or Hold?
Given the robust demand for the company’s AI GPUs, Wall Street has a Strong Buy consensus rating on Nvidia stock. The average NVDA stock price target of $243.09 indicates about 34% upside potential from current levels.
