Nvidia Delivers Record Q2 Revenue, Driving Analyst Price Target Upsides

Nvidia reported blowout financial results on Wednesday, giving Wall Street analysts even more reasons to like its stock. The semiconductor firm posted $96.22 billion in revenue for the fiscal second quarter, beating the $92.17 billion expected by analysts polled by LSEG. That marks a 106% increase from the same period a year ago. Adjusted earnings per share of $2.22 also exceeded consensus estimates. Nvidia was last up 7% in off‑hours trading after announcing its strong quarterly results. The stock also got a boost from bullish guidance, with CEO Jensen Huang calling for 70% revenue growth in fiscal 2028 as artificial intelligence reaches an “inflection point.” The stock is up 12% year‑to‑date, putting it in line with the overall market. Its growth has moderated in 2026 as investors have questioned its sky‑high valuation, particularly as broader concerns over hyperscalers’ commitment to the AI infrastructure buildout have come into focus. Macroeconomic and geopolitical headwinds have also weighed on shares. Shares are up about 12% in 2026 year‑to‑date. However, Nvidia’s latest results attest to the dramatic growth potential of its stock, according to Bernstein analyst Stacy Rasgon. The analyst pointed to the outsized demand for Nvidia’s semiconductor chips, which is only poised to accelerate as the Huang‑led company kicks off its “largest impending product cycle” by ramping up its next‑generation data‑center AI supercomputing platform and graphics‑processing‑unit architecture called Vera Rubin. “This quarter should remind NVIDIA investors why they own the stock,” Rasgon said in a note. “Demand remains not only off the charts but continues to apparently accelerate amid what looks to be (once again) the largest impending product cycle in the company’s history as the Rubin ramp kicks off in a material fashion. Indeed, the revenue increase next year (and beyond) seems staggering, with numbers likely to move up sharply, with more upside to come if the company can resolve constraints.” Bernstein has an outperform rating on Nvidia and raised its price target to $400 from $315, implying about 91% upside from Wednesday’s close. Rasgon also noted that Nvidia “got out in front of gross‑margin worries,” attenuating investor concerns over its ability to gain ground in the near to mid‑term.

Other Wall Street firms also commented:

• Bank of America: Buy, $350 price target. “The three headlines from NVDA’s beat/raise results are: 1) Significantly raising FY28/CY27 YoY sales growth guidance to ~70% YoY, well‑above consensus at 45%, with demand 2× YoY (growth is supply constrained), 2) Providing disclosures for ~$500 bn in cumulative multi‑yr supply/off‑B/S commitments (inline with our preview), tempered by 3) Reduction in GM towards 72‑73% from 75% due to rising memory costs. Management delivered a compelling vision of how strategic investments help NVDA secure its dominance in this once‑in‑a‑generation AI buildout. Overall, we keep FY27/CY26E pf‑EPS steady at $9.09, but raise FY28/CY27E by 19% to $15.72 and FY29/CY28E to $23.17.”

• Morgan Stanley: Overweight, $300 price target. Analyst Joseph Moore raised his target from $288. “Longer‑term revenue and gross‑margin commentary is what matters here. We remain impressed by short‑term numbers, given supply constraints, but the incremental surprise was the CY27 revenue commentary, and a reset to gross margins, both of which are positives.”

• Wells Fargo: Overweight, $315. “Our Overweight rating is based on our positive stance on NVIDIA’s competitive positioning in gaming GPUs and expanding growth opportunities in data center, HPC, and emerging / expanding AI opportunities (autonomous vehicles, healthcare, robotics, etc.).”

• Goldman Sachs: Buy, $300. Analyst James Schneider raised his target from $285. “We believe expectations were elevated, given recent upward CapEx revisions from hyperscalers—but we believe Nvidia’s strong CY27 (FY28) guidance was consistent with the most optimistic buyside expectations. We see a clearer path for the stock to outperform the market over the coming months.”

• JPMorgan: Overweight, $320. Analyst Harlan Sur increased his target from $280. “Infrastructure funding architecture materially expanded to enable AI compute demand at scale; rev‑share economics and $500 B private‑capital financing platform create new recurring revenue optionality on top of hardware sales. We view the significant expansion of NVDA’s infrastructure funding initiatives as a mechanism to unblock forward compute demand at neoclouds and frontier AI labs that are growing at a quicker pace than their balance sheets and credit profiles can support.”

• UBS: Buy, $300. Analyst Tim Arcuri raised his target from $280. “Results were very strong and guidance spot in‑line w/our preview, but most importantly, NVDA is finally providing firmer guidance on C2027 that implies EPS > $16 even as gross margins face near‑term headwinds from memory price inflation. We like the choice to explicitly guide next year (as opposed to its prior backlog commentary) and we think demand still far exceeds this number so there is still room to walk this higher if supply and powered data‑center shell capacity allow.”

• Jefferies: Buy, $300. “The key takeaway from the print is the full‑year outlook for FY28 of 70% revenue growth against street estimates of 44% ($700 B versus consensus of $570 B and $200 B above the prior $1 T Blackwell plus Rubin framework). The 70% growth is the floor with unconstrained demand closer to 100%. Off that base we see a clear path to $1 T of revenue in FY29, a remarkable figure for a company of this scale.”

• Truist: Buy, $346. Analyst William Stein raised his target from $307. “This was the qtr you’ve been waiting for. In several recent qtrs, NVDA delivered a beat & raise, and investors shrugged it off. This qtr NVDA also noted that demand supports 100% sales growth next year, but that supply constraints will limit growth to 70% (consensus was +47%). We expect this strong statement will allow NVDA to extend its after‑hours rise, and that the broader AI trade (suppliers with high AI concentration) will begin to recover.”

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