NVIDIA gets fresh Wall Street backing. JPMorgan lifts target to 265, UBS flags AI upside

Major banks reaffirm confidence in NVIDIA’s AI growth runway, lifting targets and flagging multi-year demand visibility.

Summary:

• JPMorgan maintains Buy, lifts price target to $265 from $250

• UBS reiterates Buy, keeps $245 target

• UBS says it’s “hard to see” why shares remain rangebound

• Analysts point to stronger guidance, demand visibility, backlog into 2027

• Street sees scope for further AI-driven re-acceleration

Wall Street heavyweights have doubled down on their bullish calls for NVIDIA, with JPMorgan lifting its price target and UBS arguing the stock’s sideways price action does not reflect the company’s underlying momentum.

JPMorgan maintained its Buy rating and raised its target to $265 from $250, citing continued strength in AI-driven demand and confidence in forward revenue visibility. The move follows what was already a strong quarterly update that underscored NVIDIA’s dominance in data centre accelerators and AI infrastructure.

UBS was similarly constructive. Analysts said it was “hard to see” why the stock has remained relatively flat given what they described as exceptional fundamentals. UBS pointed to stronger-than-expected revenue guidance, sustained hyperscaler demand and an order backlog that stretches into 2027. UBS also highlighted the potential for quarterly revenue to eventually approach the $100 billion mark if current AI infrastructure build-outs persist.

The renewed support builds on the earnings result we covered yesterday, where NVIDIA again surprised to the upside on both revenue and forward guidance. Data centre revenue remained the core engine, driven by accelerating deployment of next-generation AI chips and full-stack systems. Management flagged continued strength from cloud providers, enterprise AI adoption and sovereign AI investment, reinforcing the theme that AI infrastructure spending remains in a structural upcycle rather than a short-term boom.

While valuation remains a point of debate, bulls argue earnings growth continues to outpace expectations. Both JPMorgan and UBS see scope for growth to re-accelerate as production constraints ease and next-generation platforms scale further into 2026 and beyond.

In short, the message from the Street is clear: fundamentals remain strong, visibility is unusually long, and AI demand has yet to peak — even if the share price has paused after its outsized multi-year rally.