JPMorgan raised its Nvidia price target to $280 from $265 after the chipmaker’s Q1 FY2027 earnings release, keeping an Overweight rating on the stock. At Nvidia’s May 21 close of $223.47, the new target pointed to about 25% upside.
The upgrade came after Nvidia said the quarter was one of its strongest on record. The company’s market value stood at about $5.41 trillion, underscoring how much investors are still paying for its lead in artificial intelligence chips and data center hardware.
Wall Street is not far apart on the stock. Across 42 analysts tracked by TipRanks, Nvidia carries a Strong Buy consensus with an average 12-month target of $280.31, which implies 24.4% upside from the May 21 close. The JPMorgan target landed almost exactly in line with that view.
Harlan Sur’s note leaned on management’s message that sequential revenue growth should continue through the rest of 2026 and into 2027. Nvidia also said hyperscaler data center capital expenditure growth topped 70%, a key signal for a company whose revenue still rises and falls with cloud spending.
The strongest part of the story remains Blackwell. Nvidia management said the Blackwell Ultra ramp is the fastest product ramp in the company’s history, and it framed the combined Blackwell and Rubin opportunity as a $1 trillion-plus revenue framework. The company also said its push into the CPU segment opened a new $200 billion addressable market, and that it expects every one of its customers to eventually deploy Vera Rubin.
That bullish message was not without caution. Management struck a more restrained tone on the Vera Rubin timeline, even as it kept selling investors on the longer arc. It also guided the current quarter assuming zero Data Center compute revenue from China, a reminder that one of Nvidia’s biggest markets remains constrained.
China is already part of the risk calculus. The H20 chip export ban triggered a $4.5 billion inventory write-down in the prior fiscal year, and the latest guidance shows the company is still modeling no China data center compute contribution in the near term. Supply commitments of $119 billion add another layer of exposure if hyperscaler capital spending slows more sharply than expected.
There are also signs that the market around Nvidia hardware is getting less uniform. Reports of a 30% drop in B200 GPU rental prices in some retail markets suggest not every part of the ecosystem is moving at the same pace as the company’s earnings story. Even so, the stock has already climbed nearly 20% year-to-date, and the latest earnings update gave bulls a fresh reason to stay with it.
Investors have also noticed that insiders including Chief Financial Officer Colette Kress and Executive Vice President Ajay Puri have been selling shares in recent months, though the bulk of those disposals reflect pre-scheduled 10b5-1 plans rather than a change in fundamentals. At the same time, Nvidia is running an $80 billion share repurchase aimed at offsetting dilution, a sign the company is still returning capital even as it spends heavily to keep its lead.
For now, the market is treating Nvidia less like a cyclical chipmaker and more like the infrastructure layer for the AI buildout. JPMorgan’s new target says that view still has room to run.
