Raymond James raises Nvidia price target to $515, maintains Strong Buy

Raymond James just handed Nvidia one of the most aggressive price targets on Wall Street, lifting its mark from $352 to $515 while keeping a Strong Buy rating on the stock. With shares trading around $210, that target implies roughly 145% upside.

The August 27 upgrade came on the heels of Nvidia’s Q2 earnings, which blew past expectations, and the company’s FY28 outlook was strong enough to justify a 46% bump in the price target in just two days. Raymond James had already raised its target to $352 on August 25, meaning the firm essentially re-upgraded Nvidia within 48 hours.

What’s driving the conviction

The core thesis rests on a projected 70% growth in sales. Raymond James expects non-hyperscaler revenue to outpace revenue from hyperscale clients, suggesting the addressable market is wider than even bulls had modeled. For years, Nvidia’s AI story has been largely about the massive cloud providers, the Amazons, Microsofts, and Googles of the world, spending tens of billions on GPU clusters.

The firm also highlighted robust capital returns and strong architectural demand as supporting factors.

The trillion-dollar revenue question

Perhaps the boldest projection embedded in the Raymond James analysis is the expectation that Nvidia’s cumulative sales could exceed $1 trillion by FY29. To put that number in perspective, Apple crossed $380 billion in its most recent fiscal year and Walmart sits around $650 billion. CEO Jensen Huang has previously pointed to AI-driven growth opportunities within GPU and data center markets as the engine for this kind of expansion.

Where shares stand and what to watch

Nvidia closed at roughly $209.66 on August 26, the day before the upgrade. At that level, the stock had already priced in enormous growth expectations. The new $515 target suggests Raymond James believes the market is still significantly undervaluing what’s ahead.

For investors, the near-term catalysts are relatively clear. Future earnings reports will either validate or challenge the 70% growth projection. Any evidence that non-hyperscaler revenue is genuinely accelerating would reinforce the bull case. Conversely, any sign that enterprise AI spending is plateauing would put the $515 figure under immediate pressure.

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