Wall Street analyst updates Nvidia stock price ahead of Q3 earnings

Citi has raised its price target on Nvidia (NASDAQ: NVDA) to $220 from $210 while maintaining a ‘Buy’ rating, as analyst Atif Malik anticipates strong third-quarter results and higher guidance supported by surging AI-related demand.

The new target implies a potential 13% upside from the stock’s current value of around $195. Notably, NVDA opened Monday’s session on a bullish note, rising more than 3%.

According to Malik, Nvidia’s Q3 revenue is projected to reach $57 billion, exceeding Wall Street’s forecast of about $55 billion. He also expects the company to guide Q4 sales at roughly $62 billion, topping the $61 billion consensus.

The upbeat outlook is driven by continued strength in GPU shipments, with Nvidia reportedly delivering six million units, signaling persistent demand from hyperscale data centers.

Citi added that rising global AI capital expenditures could lift Nvidia’s earnings per share by 2% to 8% between fiscal years 2026 and 2028.

Malik’s revised forecast values Nvidia at 30x its calendar year 2026 earnings per share estimate of $7.24, reflecting stronger AI-driven visibility and sustained earnings momentum.

Wall Street’s Nvidia upside for 2026

Meanwhile, Wolfe Research analyst Chris Caso said Nvidia’s recent GTC event signals clear upside to 2026 estimates, projecting around $300 billion in revenue from its Blackwell and Rubin chips,  roughly 20% above earlier forecasts.

The firm expects about $8 in earnings per share for 2026, supported by rising shipment volumes and higher chip prices, which could climb more than 50% generation over generation.

Wolfe also noted that a potential reintroduction of a China-focused GPU could further boost sales, with data center revenue possibly exceeding forecasts by up to $85 billion.

Bank of America reiterated its ‘Buy’ rating, with analyst Vivek Arya highlighting Nvidia’s $500 billion in data center orders for 2025–26 as evidence of sustained AI demand. 

Arya argued that current skepticism around AI spending and U.S. restrictions on China remains overstated and largely irrelevant to Nvidia’s near- and medium-term financial performance.

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