JPMorgan reaffirmed its overweight rating on Nvidia with a $320 price target, citing supply constraints as the key growth bottleneck rather than weak demand. Nvidia's management indicated that if supply issues are resolved, the business could double year-over-year. Analyst Harlan Sur maintained the rating after meeting with Nvidia's investor relations team. The company guided for roughly 70% year-over-year growth in fiscal 2028, but Sur believes actual potential could be stronger given current demand visibility. The early disclosure of the fiscal 2028 outlook aims to narrow the gap between internal expectations and Wall Street forecasts, and to help suppliers and partners plan capacity for anticipated higher demand. This move reflects increasing demand visibility and the company's proactive approach to supply chain alignment.
JPMorgan has maintained its "overweight" rating on Nvidia with a $320 price target, despite the chipmaker's growth being constrained by supply rather than demand. Nvidia's management told JPMorgan that if supply restrictions were lifted, the company's business could potentially double year-over-year. Analyst Harlan Sur reaffirmed the rating and price target after meeting with Nvidia's investor relations team.
Nvidia's management projected roughly 70% year-over-year growth in its fiscal 2028 business, but Sur believes actual growth potential could be stronger based on current customer demand. The company's visibility into future demand is also improving. Sur noted that the management provided the fiscal 2028 outlook early because of a gap between internal demand expectations and Wall Street forecasts. This early disclosure helps suppliers and partners plan capacity ahead of higher demand.
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