Nvidia Bull Run Reignited? Raymond James Sets Street-High $550 Target Implying $13T Valuation

A fresh leg of the secular bull market may be underway for AI chipmaker Nvidia (NVDA).

Raymond James analyst Simon Leopold lifted his price target on the stock from $352 to a Street-high $550 on Thursday, implying roughly 140% upside from current levels.

At that target price, Nvidia’s market capitalization would expand to approximately $13 trillion. Nvidia shares jumped 8.7% on Thursday, adding $442 billion in market value to bring its current valuation to roughly $5.5 trillion.

The upgrade follows Nvidia’s blowout fiscal 2027 second-quarter results reported after Wednesday's closing bell.

Second-quarter revenue surged 106% year-over-year to $96.2 billion, topping the $91.9 billion consensus estimate, while adjusted EPS climbed 120% to $2.22 versus $2.08 expected.

Growth across Nvidia's core Data Center segment accelerated, with revenue jumping 117% year-over-year to $89.0 billion. Demand across hyperscale cloud providers and the ACIE (AI Cloud, Industrial, and Enterprise) segment each expanded by over 100%.

In a rare move, management issued preliminary guidance projecting fiscal 2028 revenue to grow roughly 70%, well above the 45% consensus expectation and marking the company's first full-year forward projection issued a year in advance.

"While the near-term print was exceptional with sales doubling year-over-year, institutional investors will particularly welcome the 70% growth guidance for FY2028," Leopold noted. "Architectural transitions—such as a 1:1 attach ratio for LPU to NVL racks and Vera smart CPU racks—are driving this momentum."

"Capital returns remain robust, reaching a record $26.0 billion in Q2, comprising $20.0 billion in share repurchases and $6.0 billion in quarterly dividend distributions," he added.

CEO Jensen Huang noted that top-line expansion would have been even higher without ongoing memory supply constraints across the semiconductor ecosystem.

Leopold highlighted accelerated production timelines: "Production ramps for Rubin and LPU architectures are progressing faster than anticipated.

Vera Rubin entered volume production shipments this month, backed by broad orders across hyperscalers, AI clouds, and system OEMs, making it Nvidia’s fastest production ramp to date."

"Groq 3 LPX has also entered full production, with volume deliveries slated for later this quarter and Neocloud provider Nebius serving as the lead deployment customer.

We model Vera Rubin revenue contributing roughly 20% of total Data Center sales in Q3 FY2027," Leopold added.

The quarterly print sparked a broad wave of Wall Street target revisions, with at least 13 brokerage firms lifting price targets across the board:

Raymond James: Lifted target to Street-high $550 (from $352)
RJ Financial: Raised target to $515 (from $352)
Melius Research: Raised target to $420 (from $400)
Bernstein: Raised target to $400 (from $315)
Rosenblatt Securities: Raised target to $390 (from $325)