Nvidia Stock Price Target Hiked to $352 by Raymond James Amid CPU Growth Expectations

Raymond James has increased its price target on Nvidia Corp.'s stock to $352 from $330, while maintaining a Strong Buy rating. The firm expects Nvidia's CPU revenue to grow significantly, reaching approximately 5% of total sales by calendar year 2028.

Nvidia's CPU revenue currently represents about 3% of its total sales, but Raymond James believes the company has increased its visibility in the segment, particularly with AI-related use cases. The firm extended its financial model through fiscal year 2029 and refined segment assumptions to reach this conclusion.

The stock trades at a calendar year 2027 GAAP price-to-earnings ratio of less than 15 times, which is below the S&P 500's multiple. Raymond James' $352 price target is based on a 22 times multiple applied to its calendar year 2028 estimates.