On November 20, Evercore ISI raised its price target for NVIDIA (NVDA.US) from $261 to $352, maintaining an "Outperform" rating. Following NVIDIA's Q3 earnings report, the firm reaffirmed the stock as a "Top Pick," citing accelerating revenue growth and significantly improved product supply. Evercore ISI emphasized that NVIDIA remains the "preferred choice in the AI ecosystem," with supply conditions for its GB200 and GB300 products showing substantial improvement.

Estimates suggest that revenue from the Blackwell computing platform could grow 48% quarter-over-quarter, adding over $13 billion compared to the July quarter. "Revenue is re-entering an accelerated growth trajectory, prompting us to reiterate our 'Outperform' rating, raise earnings forecasts, and increase the price target from $261 to $352. This target is based on a 35x P/E multiple applied to the projected 2030 EPS of $14.74, discounted back to 2026. The performance aligns with our channel checks, confirming NVIDIA as the top AI ecosystem play, with GB200/GB300 supply improving and Blackwell platform revenue surging nearly 50% QoQ (adding over $13 billion)."

Despite ongoing supply constraints, Evercore noted that NVIDIA's inventory grew 32% quarter-over-quarter, while committed supply surged 63%, providing strong support for its $500 billion data center computing demand forecast for 2025–2026. "Crucially, our model predicts NVIDIA's revenue growth will jump from 56% in Q2 2025 to 79% in Q2 2026—a pace robust enough to justify a 35x premium P/E. Currently, NVIDIA trades at just 25x P/E in after-hours, a ~30% discount to its 9-year median of 35x. The risk-reward remains compelling, making NVIDIA our top conviction pick."

The analyst added that Evercore's prior projection of $493 billion in combined 2025–2026 revenue for NVIDIA may now be "too conservative" given current trends.