Analyst Boosts Outlook for Nvidia (NVDA) Following Strong Q3 Results and "Off-the-Charts" Blackwell Demand

NVIDIA Corporation (NASDAQ:NVDA) is one of the AI Stocks in Focus on Wall Street. On November 20, Baird raised its price target on the stock to $275.00 from $225, maintaining an “Outperform” rating.

The price target raise follows Nvidia’s fiscal Q3 results, with the firm expressing confidence in Nvidia’s architecture leadership and unrivaled momentum.

The AI chipmaker beat Wall Street expectations for sales and earnings and also guided stronger-than-expected for fourth-quarter sales. According to CEO Jensen Huang, sales for Nvidia’s current-generation GPU, called Blackwell, have been “off the charts.”

Following the results, Baird discussed how Blackwell demand is well above supply, a situation similar to early 2024. While TSMC’s capacity and Nvidia’s execution are going to be focal points for next year, it is expected that the company will maintain “a stratospheric performance and platform advantage versus the competition throughout 2026 and likely 2027.”

Analysts see room for multiple expansion ahead based on robust AI demand and Nvidia’s architecture performance leadership.

“The combination of insatiable AI demand and ongoing architecture performance leadership (nothing new for Nvidia since 1999) warrants multiple expansion ahead, in our view. Outperform-rated.”

NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services.

While we acknowledge the potential of NVDA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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