Nvidia (NVDA) price target raised to $150 by Goldman Sachs

Goldman Sachs (NYSE: GS) analyst has raised the price target for Nvidia (NASDAQ: NVDA) stock, citing the company’s strong competitive position in the artificial intelligence (AI) sector.

The investment banking giant lifted the price target from $135 to $150, driven by expectations that the chipmaker will benefit from the increasing complexity of artificial intelligence (AI) workloads.

In a note on October 14, analyst Toshiya Hari stated that the stock has more upside potential due to its ability to capitalize on the expanding compute requirements associated with more sophisticated AI models.

The update follows Nvidia’s recent investor presentation, where the company outlined how the growing sophistication of AI reasoning will require increased computing power.

Nvidia highlighted several factors driving this trend, including the scaling of training, compute for larger models, multimodal applications, reinforcement learning, and synthetic data generation. 

At the same time, the bank initially provided estimates for the chipmaker’s revenue for the FY2026/27 period, raising the targets by 7%. The analysts stated that this guidance was due to higher cloud capital expenditures, strong AI server order trends, and an improved outlook for CoWoS (Chip-on-Wafer-on-Substrate) production at TSMC.

More analysts turn bullish on NVDA stock 

Similarly, Citi (NYSE: C) analyst Atif Malik reiterated a “Buy” rating and a $150 price target for Nvidia on October 14. Malik highlighted the coexistence of GPUs and ASICs in building AI infrastructure, with GPUs playing a vital role in training and inference for complex models, while ASICs cater to more specialized use cases.

“We estimate Nvidia GPU compute sales to grow 118% and 84% year-over-year in calendar years 2024 and 2025, respectively, with hyperscaler sales increasing 100% and 67% during the same period,” Malik noted.

Citi also foresees Nvidia’s GPUs representing 31% of U.S. cloud provider capital expenditures in 2024, rising to 35% in 2025.

Overall, Citi’s updated price target reflects a bullish outlook on Nvidia’s ability to capture the growing AI accelerator market, projected to reach $380 billion by 2028. GPUs account for roughly 75% of the total market opportunity.

It’s worth noting that more analysts remain bullish on Nvidia, mainly because of the company’s upcoming next-generation Blackwell chips, which are receiving unprecedented demand. As reported by Finbold, Morgan Stanley’s Joseph Moore also set a target of $150 with an “Overweight” rating. The outlook was based on what the company termed the successful ramp-up of Blackwell chips.

Todd Gordon, founder of Inside Edge Capital, expects Nvidia’s revenue to reach $32.9 billion, $36.5 billion, $39.5 billion, and $42.9 billion in the coming year, driven by demand for Blackwell. Meanwhile, Phil Panaro, a former senior advisor at the Boston Consulting Group, sees the new line of chips massively contributing to a potential $600 billion revenue for Nvidia by 2030.

What next for NVDA stock price 

Looking at Nvidia’s stock outlook, the equity is exhibiting bullish momentum in the short term, targeting a high of $140. As of press time, the stock was valued at $138, up 2.5% in the last 24 hours. Indeed, NVDA appears to be ignoring recent potential bearish sentiments, such as the spike in short interest.

As things stand, NVDA shares are aiming to clinch a new all-time high at $140. This outlook is supported by analysis from stock market analysis platform Ripster, shared in an X post on October 14. The analysis observed that the stock had been in a descending triangle pattern, which Nvidia broke above in recent trading sessions, suggesting a strong shift in momentum to the upside.

The breakout occurred as the stock pushed through $128.50 and later $131.88, confirming the pattern with significant buying volume. With Nvidia now trading around $138, the price action indicates a continuation of the bullish trend, with an immediate target near the $140.80 level, followed by a possible attempt to reach the previous all-time high.

A Fibonacci retracement from a recent swing low of $90.52 has supported the setup, with key levels at $115.66 (50%) and $121.59 (61.8%) acting as prior resistance before being surpassed.

With all factors considered,  Nvidia’s strong positioning in the AI sector and the growing demand for high-performance computing solutions will likely drive optimism in the stock. At the moment, investors need to keep an eye on the $140 spot, as breaching the level could open the door to the $150 target.