Citi Lifts Nvidia Price Target to $220; TD Cowen Positive Ahead of Earnings

NVIDIA is getting buy reiterations ahead of its Nov. 19 Q3 results—TD Cowen reaffirmed Nvidia (and Broadcom) and highlighted expected upside from the Blackwell Ultra architecture and the stock’s intraquarter underperformance, while Citi reiterated a buy and raised its price target to $220 from $210, forecasting $56.8 billion in sales versus a $54.6 billion consensus. Cowen noted Broadcom and Credo should also report strong results but that much of that strength is already priced in, suggesting more muted stock reactions for those names. Investors will be focused on Nvidia’s data-center AI print for evidence that Blackwell Ultra can materially boost revenue and justify a further re-rating of the company given its central position in AI infrastructure.

Analysis

TD Cowen reiterated Nvidia as a Buy on November 12, citing likely strength from the Blackwell Ultra architecture and the stock's intraquarter underperformance as reasons to be bullish ahead of Nvidia's third-quarter print. Citi also reiterated a Buy and raised its price target to $220 from $210 while projecting $56.8 billion in sales versus a $54.6 billion consensus, and Nvidia is scheduled to report results after the close on November 19.

The central investment hinge is whether Blackwell Ultra materially uplifts data-center revenue; analysts in the article expect the data-center AI print to drive any re-rating and Cowen views Broadcom and Credo as likely to report strong results that are already largely priced in. Market signals attached to the article are moderately positive (sentiment score 0.55, market impact 0.5), indicating upside is anticipated but not guaranteed and that earnings execution will drive near-term volatility.

Given elevated sales expectations, the immediate catalyst set is revenue versus Citi's $56.8 billion projection and management commentary on Blackwell Ultra adoption; a clear beat and positive commentary would support further multiple expansion, while a revenue miss versus the $54.6 billion consensus or soft product uptake could prompt a sharp pullback.

Key Decisions for Investors

• Consider establishing a measured long position sized for event risk ahead of the Nov. 19 print and plan to add only if reported sales exceed Citi's $56.8 billion forecast with confirmatory Blackwell Ultra commentary
• If Nvidia reports sales below the $54.6 billion consensus or provides weak Blackwell Ultra adoption signals, reduce exposure or hedge with downside protection given elevated expectations
• Assess alternative AI names mentioned in the piece that the authors view as having greater upside/less downside and consider trimming NVDA into post-earnings strength to lock gains