Nvidia shares reached a new intraday record of approximately $237.83 on October 2, surpassing the previous peak set in May. This growth followed a positive assessment from Morgan Stanley, which reaffirmed its overweight rating and set a price target of $300. Analyst Joseph Moore cited the company's new product cycle and rising demand for agentic AI as primary drivers for this outlook.
The company also bolstered investor sentiment on September 28 by increasing its share-buyback authorization by $150 billion. This brings the total remaining program to $235 billion, which Nvidia intends to execute through fiscal year 2028. CEO Jensen Huang stated that this decision underscores the firm's confidence in its long-term growth prospects.
Wall Street remains optimistic, with major institutions setting price targets ranging from $300 to $465. According to S&P Global, the average target among 61 analysts is currently $327.70, suggesting a potential upside of about 40% from recent closing levels. However, firms like Goldman Sachs have noted that market expectations for the company remain elevated.
Investors are now focusing on upcoming milestones, including the third-quarter earnings report expected in November. Key indicators to monitor include revenue guidance, profit margins, and the rollout of the new Rubin and Vera product lines. Furthermore, sustained infrastructure spending by major clients such as Microsoft, Amazon, and Meta remains critical for maintaining the current valuation.
