Nvidia price target raised to $200 from $170 at Barclays

Barclays analyst Tom O’Malley raised the firm’s price target on Nvidia (NVDA) to $200 from $170 and keeps an Overweight rating on the shares. After checking in with the supply chain post the Q1 report, the firm sees $2B in upside in July for Nvidia versus Street revenue numbers and raised its Compute estimate to $37B from $35.6B. Blackwell capacity reached 30,000 wafers per month in June, which was below Barclays’ prior expectation of 40,000 wafers, the analyst tells investors in a research note. The firm says that “despite the short blip,” utilizations are healthy, and the supply chain sounds positive on the second half of 2025, which squares with the ramp it is seeing from agentic artificial intelligence usage. Blackwell capacity increases are still up 30% quarter-over-quarter off the lower base, but faster utilization is more than offsetting, giving Barclays more confidence in October, contends the analyst.