Oppenheimer is expecting Nvidia to clear another high bar when it reports earnings next week. The investment firm stood by its outperform rating and hiked its price target for Nvidia to $265 from $225, signaling upside of 37% from Wednesday’s close. “Nvidia has transformed from a graphics company to a premier leading full stack AI solutions platform company,” analyst Rick Schafer wrote. “We see several structural tailwinds driving sustained out-sized top-line growth in high performance gaming, datacenter/AI and autonomous driving vehicles.” NVDA YTD mountain NVDA YTD chart Schafer’s price bump comes ahead of Nvidia’s third-quarter earnings release, scheduled for after the market closes on Wednesday. The analyst sees upside to consensus for earnings and revenue in both Nvidia’s last and current quarter, citing Nvidia’s new Blackwell Ultra chip and “insatiable AI appetite” from hyperscalers. What’s more, Schafer believes that this bullish positioning will only be further reinforced for Nvidia going forward. “At GTC DC two weeks ago, Founder/CEO Jensen Huang highlighted cumulative Blackwell/Rubin revenues of $500B by end CY26 ($350B balance). Exponential growth drivers including reasoning and agentic AI creating an adoption flywheel,” he wrote. “NVDA remains best positioned to win in AI.” Schafer noted that Nvidia’s overall total addressable market sits at around $4 trillion. China, which represents an opportunity worth over $50 billion, remains out of Schafer’s model for now, the analyst said.
