Nvidia (NVDA) stock is in the spotlight as Wall Street analysts reaffirm their bullish stance ahead of the company’s highly anticipated Q3 earnings report on November 19. Notably, five-star-rated analyst Joseph Moore at Morgan Stanley raised his price target on NVDA from $210 to $220 while keeping his Buy rating. Moore expects Nvidia to deliver “the strongest result seen in the last few quarters.”
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Overall, Wall Street expects Nvidia to post earnings of $1.25 per share for Q3 FY26, up 54% from the same quarter last year. Analysts also forecast $54.79 billion in revenue, representing a year-over-year jump of more than 56%.
Here’s Why Morgan Stanley Is Bullish on NVDA
Ahead of the Q3 release, Moore stated that industry checks point to a material acceleration in demand. He expects Nvidia to deliver solid Q3 results as the Blackwell platform moves into full production.
He noted that Blackwell remains the AI chip of choice, while early demand signals for Vera Rubin are “very strong.” Despite Nvidia’s recent underperformance versus AI peers, Moore believes this trend should reverse, adding that even after lifting estimates above Street expectations, his outlook remains “conservative.”
For context, Nvidia’s Blackwell platform is the company’s next-generation AI architecture built to deliver higher performance and efficiency for training and inference tasks. It’s quickly becoming the chip of choice for enterprises building advanced AI models thanks to its speed, efficiency, and scalability. Meanwhile, its Vera Rubin platform is the company’s upcoming AI accelerator line designed to follow Blackwell with even greater performance.
Additionally, Moore believes customer and supplier demand signals point to faster growth than current Wall Street expectations, especially since Nvidia typically reports later in the quarter. He also highlighted comments from CEO Jensen Huang, who suggested that estimates for the next five quarters may need to increase by roughly $70–$80 billion.
What’s Happening with NVDA Stock?
Currently, NVDA stock is caught in a broader tech sell-off. On Thursday, shares fell 3.58%, followed by another 3.21% drop in pre-market trading on Friday. Overall, the decline is driven by investor caution around AI valuations and other macro uncertainties.
Before this pullback, Nvidia shares were also hit after Japan’s SoftBank (SFTBY) announced the sale of its entire stake in the chipmaker for $5.8 billion.
Year-to-date, NVDA stock is still up by almost 40%. The recent pullback may actually strengthen the case for the stock, especially given Wall Street’s broadly bullish sentiment heading into Nvidia’s Q3 results.
Is Nvidia a Good Stock to Buy Right Now?
According to TipRanks, NVDA stock has a Strong Buy consensus rating based on 37 Buys, one Hold, and one Sell assigned in the last three months. At $240.00, the Nvidia average share price target implies a 28.44% upside potential.
