Wells Fargo has raised its price target for Nvidia to $315, up from $265, suggesting a potential 44% upside from the chipmaker's recent closing price. The bank maintains an overweight rating, driven by expectations of sustained AI infrastructure spending, which could exceed $1 trillion by 2027. This growth is anticipated to bolster Nvidia's earnings significantly. The new price target is based on a 21x multiple of Wells Fargo's 2028 earnings per share estimate of $14.85 for Nvidia. The bank argues that Wall Street is undervaluing Nvidia's AI-driven revenue, viewing it as cyclical rather than durable. With strong demand for Nvidia's Blackwell AI chips and the upcoming Vera architecture, Wells Fargo's call comes ahead of Nvidia's earnings report, a key moment for validating AI market expectations.
Wells Fargo Boosts Nvidia Price Target to $315, Citing AI Growth
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