Nvidia (NVDA, Financials) already stormed past a $3.9 trillion market cap this year; but according to one top Wall Street analyst, the run may be far from over. Vijay Rakesh of Mizuho Securities a 5-star-rated analyst just bumped his price target on Nvidia to $185, up from $170, while reiterating a Buy rating. That implies about 16% upside from current levels; and yes, that’s after a year where the stock has already climbed 27%.
Rakesh isn’t just bullish on momentum he’s leaning into product strength, long-term demand, and Nvidia’s ability to outmaneuver export restrictions with new chip strategies.
The analyst sees Nvidia pulling in $202 billion in revenue for FY2026, up from prior estimates; and $4.38 in earnings per share, both slightly ahead of Street consensus. He’s confident the company can continue outperforming as AI workloads expand, and its flagship GB200 chips remain hot sellers into late 2025.
One of the more interesting parts of the note? Rakesh pointed to Nvidia’s B40 chip designed for China as a hedge in case trade rules relax. While shipments are currently blocked, he sees this as a sign Nvidia’s not backing down from the market; just waiting for the door to reopen.
Then there’s Rubin, Nvidia’s next-gen platform expected to ramp in 2026; that, combined with ongoing demand from hyperscalers, could set the stage for another growth cycle even after the monster gains seen over the last 18 months.
Rakesh adjusted his valuation multiple as well; he’s now applying a 32.7x multiple on FY2027 earnings, a modest bump from before but still justified, he argues, given Nvidia’s sheer dominance across AI data centers, enterprise compute, and cutting-edge inference hardware.
This article first appeared on GuruFocus.
