Truist Boosts Nvidia Price Target to $346 Amid Strong Demand Outlook

Nvidia's stock price target has been raised by Truist Securities to $346 from $307, while maintaining a Buy rating. The firm cited stronger-than-expected demand visibility for Nvidia's products.

Truist's analyst William Stein noted that Nvidia stated demand supports 100% sales growth next year, though supply constraints will limit growth to 70%. This is higher than the previously projected 47% growth.

The company's latest quarter saw a beat and raise, with the demand statement expected to support after-hours gains. Truist also increased its calendar year 2027 earnings per share estimate for Nvidia to $15.71 from $12.29.

Truist's updated price target is based on 22 times the firm's CY27 EPS estimate, representing a 12 times discount to datacenter peers. The stock currently trades at a P/E ratio of 34.5 with an attractive PEG ratio of 0.29.