Nvidia's latest earnings report wasn't just about the quarter. It was about the future, and Wall Street is paying attention. After the company offered an early glimpse of its fiscal 2028 revenue outlook, several analysts have raised their price targets and are singing a familiar tune: this stock still has room to run.
The chipmaker's second-quarter results beat expectations on both revenue and earnings per share, but it was the forward-looking commentary that really got the analysts buzzing. Here's what the Street is saying.
The Analysts Weigh In
Wedbush's Matt Bryson reiterated an Outperform rating and bumped his price target from $330 to $345. Rosenblatt's Kevin Cassidy went further, raising his target from $325 to $390 while keeping a Buy rating. KeyBanc's John Vinh held steady with an Overweight rating and a $330 target, while DA Davidson's Gil Luria and Benchmark's Cody Acree both maintained Buy ratings with targets of $300 and $335, respectively.
The common thread? Nvidia's decision to provide a full-year outlook for fiscal 2028, something it hasn't done before, and the numbers are eye-popping.
Wedbush: A Year of Visibility
Bryson called the guidance "a year of visibility" in a note to clients. He pointed out that both the third-quarter and next year's guidance came in ahead of estimates, giving investors a clearer picture of what's ahead.
"Management guided to FY28 revenue growth of ~70%, the first full year outlook NVDA has provided (for a year that is still ~5 months out to boot), and framed the revenue outlook as being supply bound," Bryson wrote.
The expected dip in gross margins for fiscal 2028 caught him off guard, but he sees it as a calculated move. "Looking to next year, we see NVDA's lower margins on higher system/solution pricing as seemingly splitting the impact of higher memory costs between NVDA and its customers."
In other words, Nvidia is eating some of the cost increase to keep customers happy, and supply constraints are the only thing holding back even bigger numbers.
Rosenblatt: A Second Nvidia Moment
Cassidy didn't mince words, calling the earnings and guidance "a second NVIDIA moment." The 70% growth guidance for fiscal 2028 is supply constrained, he noted, but it's still "crushing" the 45% consensus estimate.
"While absorbing some memory price hikes will temporarily pressure gross margins, use of the balance sheet to guarantee supply acts as a powerful secondary competitive moat," Cassidy said.
He also highlighted record quarterly revenue, with data center segment revenue up 117% year-over-year. The fiscal 2028 guidance was a key highlight, with the potential for 100% year-over-year growth if not for supply constraints. He added that "ACIE is expected to grow faster than Hyperscaler over time, supported by AI clouds, sovereign AI and enterprise adoption."
KeyBanc: Strong Results, Solid Guidance
Vinh described the second quarter as showing "strong results" and highlighted the guidance, "which solidly exceeded expectations" for the third quarter. He also noted management's mention of a revenue-sharing financing model that provides take-or-pay commitments, adding another layer of stability to the outlook.
DA Davidson: More Visibility Than Ever
Luria said the new guidance provides "more visibility than ever." He focused on the unofficial fiscal year guidance of 70% growth, which comes with supply constraints, and the importance of gross margin guidance for the fourth quarter and fiscal 2028.
He estimated gross margins will fall to 71.5% in the fourth quarter before leveling out at 72.5% in fiscal 2028. "Almost all of the margin pressure is being driven by higher memory prices, with Nvidia absorbing part of the increase because passing through the full cost would result in pricing they believe is too high for customers," Luria explained.
He called the fiscal 2028 guidance "significantly higher than consensus estimates."
Benchmark: The Upside in the Numbers
Acree noted that Nvidia's conference call and management commentary helped boost shares after the second-quarter results. "NVIDIA shares reversed an initial decline and traded roughly 5% higher after hours, primarily because management provided a much higher FY28 revenue outlook versus expectations," he said.
The 70% growth guidance implies around $690 billion in revenue, well ahead of the Street consensus of $573.5 billion. "We believe the difference between the demand signal and the supply-backed guide creates unusual execution room for further estimate upside even from a quarterly revenue base approaching $100B."
While Acree acknowledged the gross margin guidance as a negative, he sees it as a strategic trade-off. "In our opinion, the resulting margin sacrifice strengthens customer economics and supply conversion, while the revenue increase still drives FY28 EPS materially higher."
He didn't raise his price target, but he sees more upside. "We believe that valuation remains conservative relative to the peer group and the visibility embedded in the new FY28 framework."
Stock Price Action
Nvidia stock is up 8.69% to $227.81 on Thursday, sitting within a 52-week trading range of $164.07 to $236.54. The stock is up 20.7% year-to-date in 2026.
With analysts pointing to a supply-constrained but demand-rich future, the message is clear: Nvidia's growth story is far from over, and the market is just starting to price in what 2028 could look like.
