Raymond James sees Nvidia reaching $13 trillion market cap by fiscal 2028
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Raymond James analyst Simon Leopold raised his Nvidia price target to $550 from $352, implying about 130% upside and a $13 trillion market cap. Nvidia stock rose as much as 9% after reporting adjusted EPS of $2.22 on revenue of $96.2 billion, beating estimates. The company projected fiscal third quarter revenue between $105.8 billion and $110.1 billion, above Wall Street's $105.1 billion forecast.
Key Facts
- Raymond James analyst Simon Leopold raised his Nvidia price target to $550 from $352, implying a $13 trillion market cap.
- Nvidia reported adjusted earnings per share of $2.22 on revenue of $96.2 billion for its fiscal second quarter.
- Nvidia projected fiscal third quarter revenue between $105.8 billion and $110.1 billion, above Wall Street's $105.1 billion estimate.
- Nvidia said it sees 70% revenue growth for fiscal year 2028, above analyst forecasts for 45% growth.
- Nvidia returned a record $26 billion to shareholders in F2Q27, including $20 billion of buybacks and a $6 billion dividend.
Analyst Price Target
Raymond James analyst Simon Leopold lifted his price target on Nvidia to $550 from $352 in a note on Thursday. Leopold's price target assumes about 130% upside from current levels and would estimate Nvidia reaches a $13 trillion market cap. The chipmaker's current market stands at about $5.2 trillion. The average price target on Nvidia is $306, per Yahoo Finance AlphaSpace data.
Earnings Results
Nvidia saw adjusted earnings per share of $2.22 on revenue of $96.2 billion, better than the $2.09 per share and revenue of $92.3 billion the Street expected. Nvidia's Data Center revenue came in at $89 billion versus a projected $85.8 billion. Edge Computing, which includes Nvidia's other businesses such as physical AI and gaming, brought in $7.2 billion, above analysts' expectations of $6.6 billion. Nvidia projected fiscal third quarter revenue of between $105.8 billion and $110.1 billion, above Wall Street's $105.1 billion forecast. This would be the first quarter above $100 billion in revenue for Nvidia, Stifel's Roy said.
Growth Outlook
Nvidia said late Wednesday after reporting its fiscal second quarter earnings that it sees 70% revenue growth for fiscal year 2028, above analyst forecasts for 45% growth. The sales gain would be larger if not for memory chip shortages, Nvidia CEO Jensen Huang said. Leopold said architectural evolutions, including LPU:NVL racks at 1:1 and agentic CPU Vera racks, accelerate growth. Vera Rubin entered production shipments this month, with purchase orders from every hyperscaler, AI cloud and system OEM, positioning it as Nvidia's fastest ramp ever. Vera Rubin chip revenue itself is expected to reach approximately 20% of Data Center revenue in F3Q27.
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Raymond James sees Nvidia reaching $13 trillion market cap by fiscal 2028
