JPMorgan Maintains Nvidia Overweight Rating, Target Price $320

JPMorgan believes that Nvidia's current core issue is that supply constraints limit its growth potential, rather than insufficient demand. Nvidia's management has stated that if supply constraints are lifted, the company's business could potentially double year-on-year. After meeting with Nvidia's investor relations team, JPMorgan analyst Harlan Sur maintains an overweight rating on Nvidia with a target price of $320. Nvidia expects its business to grow approximately 70% year-on-year in fiscal year 2028, but Sur believes the actual potential growth capacity may be even stronger. Nvidia's visibility into future demand is improving, and management has provided an early growth outlook for fiscal year 2028, as there is a significant gap between its internal demand assessment and Wall Street forecasts. This early release of expectations helps suppliers and partners plan their production capacity.

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