Nvidia received a higher price target from Goldman Sachs after its shares hit a new record high, pushing the company’s market value above $4.5 trillion.
Goldman raised its target to $210 per share from $200, which signals a possible 12% upside from Friday’s close. The bank kept its buy rating on Nvidia, saying its strategic investments and partnerships, including those with OpenAI, could push its stock higher in the coming months.
Nvidia’s shares have already climbed 40% this year, powered by investor demand for its GPUs and the expansion of its AI business. Goldman’s research note credited Nvidia’s mix of traditional customers and new buyers as a major factor behind the revised target.
Goldman’s analyst James Schneider pointed directly to Nvidia’s investments in OpenAI and other firms as drivers of its potential growth. He wrote that:
“We expect near-term strength in Nvidia’s fundamentals driven by upside from both hyperscalers and non-traditional customers — and continue to see the hyperscaler revenue contribution dominating the company’s revenue mix.”
Schneider said these partnerships could bring “significant upside” to Nvidia’s 2026 estimates. He explained that the higher target reflects a “strong runway of growth not only from core customers, but also from non-traditional buyers.”
He also said Nvidia’s investments send a signal to investors about the scale of its market opportunity. Schneider added:
“We remain bullish on the stock given the potential upside we see to estimates — but are more guarded on the stock’s multiple given increased long-term risks driven by the growing mix of non-traditional customers — including sovereign and startup customers (such as OpenAI).”
Goldman outlines Nvidia’s new growth drivers
Goldman’s position matches the broader view on Wall Street. Of the 66 analysts covering Nvidia, 59 rate it a buy or strong buy, based on data from LSEG. These ratings underscore the scale of market interest in Nvidia as its business model widens.
Schneider said Nvidia’s performance in other sectors could offset any risks that come with its partnerships, pointing to strong fundamentals from both hyperscalers and new types of customers.
He also called the company’s investment strategy a tailwind for its stock because it shows how Nvidia views the scope of the AI market.
At the same time, 22V Research said the current macroeconomic backdrop is favorable for growth-at-a-reasonable-price (GARP) stocks like Nvidia. The GARP approach combines features of both growth and value without leaning too far in either direction. Dennis DeBusschere, president and chief market strategist at 22V, wrote that:
“The S & P GARP basket has gained 6.1% since August and 2.9% [week over week]. Blending Growth and Value looks increasingly attractive given performance trends, the macro backdrop, and the extreme valuation spread between Value and Growth.”
22V highlights Nvidia’s position in GARP strategy
22V argued that Nvidia still qualifies as a GARP stock despite its size and recent run-up. Even after the stock’s 38% rise this year on artificial intelligence enthusiasm, 22V said Nvidia’s valuation remains “reasonable” compared with its growth potential.
This positioning appeals to investors looking for a balance between growth and price discipline as AI adoption accelerates under President Donald Trump’s administration, which has made data infrastructure a national priority.
Goldman’s Monday note repeated the $210 price target and buy rating for Nvidia, once again pointing to OpenAI as a key partnership. Alongside Nvidia, Micron appeared in analyst coverage as another major chipmaker benefiting from the AI trend.
Micron’s shares have surged 128% this year, prompting Morgan Stanley’s analyst Joseph Moore to upgrade the stock to overweight from equal weight. Moore also lifted Micron’s price target to $220 from $160, implying a 17% upside, saying:
“Micron is pushing the envelope on valuation as the group rallies, but we believe we are looking at multiple quarters of double digit price increases which can lead to substantially higher earnings power, and resolve any lingering questions on specialty high bandwidth memory for AI.”
22V’s GARP basket also includes non-tech companies Carnival, Southwest Airlines, and General Dynamics, but of course, Nvidia remains the standout AI chipmaker in this group, with record highs, new partnerships, and a price target hike keeping it in focus for investors looking for growth without abandoning valuation discipline.
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