Stifel Raises Nvidia Target to $212 (+19%) as GB300 Demand and ~50% FP4 Gain Power the Bull Case

Stifel raised its price target on Nvidia (NASDAQ: NVDA) to $212 from $202 and kept an overweight stance just days before the chipmaker reports quarterly results on Wednesday. The new target works out to roughly a 19% upside from where the stock closed on Friday.

Analyst Ruben Roy flagged stronger-than-expected demand for Nvidia's next-gen GB300 platform as the main reason behind the move. In conversations with suppliers, Stifel sees GB300 orders accelerating into year-end while GB200 sales remain firm - basically, two engines firing at once rather than one stalling to make room for the other.

Roy expects a modest beat in fiscal Q2 versus consensus. He cites several points: conservative guidance from Nvidia, continued heavy CapEx signaling from cloud service providers, a less-severe China headwind that could even free up some sales, and product ramps that don't appear to be hamstrung by supply disruptions.

On specs, Stifel highlights GB300's roughly 50% bump in FP4 performance - a metric they say matters as inference and reasoning workloads grow more complex. The firm also keeps a bullish view on Nvidia's market position, estimating a total addressable market north of $100 billion by the end of 2025 and suggesting the long-term opportunity could approach $1 trillion.

Market sentiment is already tilted positive: LSEG coverage shows 58 out of 65 analysts rank the stock at buy or strong buy. The share price has climbed about 33% so far this year.

So the setup is straightforward - higher price target, bullish thesis around GB300 and cloud spending, and a quarter where even a modest upside surprise would validate current enthusiasm. Will the earnings print confirm the ramp Stifel is banking on?