Citi sees more upside for Nvidia heading into its third-quarter report due out Nov 19. The bank maintained its buy rating on the graphics processing unit manufacturer and lifted its target price to $220 per share from $210, signaling 17% upside. For Nvidia’s last quarter, Citi analyst Atif Malik expects Nvidia’s sales of $56.8 billion, versus Wall Street’s $54.6 billion forecast. “We revise our Oct-Q estimates by +11% following stronger-than-expected AI investments showcased by NVDA’s announcement of already reaching 6M units of Blackwell,” Malik wrote. NVDA YTD mountain NVDA YTD chart The analyst also revised his forecast for the 2028 data center semis total addressable market. He now sees it reaching $654 billion, or 16% higher than his prior expectation of $563 billion. Heading into earnings, Malik expects Nvidia to clear the bar again. “We expect ‘beat and raise’ Oct-Q results on 11/19. We model Oct-Q sales of $57B above Street ~$55B and expect Jan-Q guide of $62B vs Street ~$61B,” he wrote. “We believe stock’s current P/E of 28x looks attractive vs AI peers’ AVGO/AMD 38x/37x respectively.”
