NVIDIA Is at Its 52-Week High and Wall Street Still Wants More

NVIDIA (NASDAQ:NVDA | NVDA Price Prediction | NVDA Price Prediction) is posting triple-digit revenue growth. Second-quarter fiscal 2027 revenue reached $96.22 billion, up 105.8% year over year, and Data Center brought in $89.02 billion.

CEO Jensen Huang said it simply: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.”

Shares are up 26.45% this year and trade near the 52-week high, yet the stock still trades at about 18x forward earnings. So can NVIDIA hit $350 in 2027?

What’s Holding NVIDIA Back Despite Six Straight Beats

NVIDIA has beaten estimates in six straight quarters. The stock fell the day after every one of those reports. After the August report, shares dropped 4.57% the next day and were down 0.34% after 30 days.

Management left China data center compute out of the outlook entirely. Supply commitments grew to $279 billion. Gross margin should bottom at 71% to 72% in Q4. Management even addressed critics who call its AI lab deals “circular financing.”

With a beta of 2.22, each of these worries moves the stock more than it moves the market. The stock is up 4.54% in a week and 4.97% in a month, but that rally only brought shares near the 52-week high.

Wall Street Sees 40% Upside. Our Model Says 16.6%

The consensus target is $327.70, or about 40.1% upside. Analysts have issued 10 Strong Buy ratings, 48 Buy ratings, 2 Hold ratings and 1 Sell rating. We peg the base case at $272.75, or 16.59% upside. The full range runs $235.18 to $318.39, and the model has high confidence in it.

I think our model is too conservative this time. Mega-cap muting cut the 247Factor by 50%. Earnings growth added only 0.03, even though earnings growth reads at 1.278. Analyst bullishness stands at 95%.

Here’s What It Takes for NVIDIA to Reach $350

Reaching $350 from today’s price of $233.95 would require a gain of 49.6%.

With forward EPS of $13.0631, a price of $350 implies a forward P/E of 27x. The model data cites a 33x multiple, and the bold target sits about 7x below that. Compared with today’s forward multiple, it needs roughly 9 turns of expansion.

Management expects revenue to grow about 70% in fiscal 2028 and calls that outlook supply-constrained. When earnings grow that fast, the forward multiple shrinks on its own. Vera Rubin brings in $40 billion per gigawatt, compared with $25 billion for Blackwell.

AWS is putting in 2 million more GPUs. DBS argues NVIDIA’s valuations show the AI rally isn’t a bubble. Huang added: “The AI infrastructure buildout is at full steam.”

What could disrupt this is if hyperscaler capex slows faster than supply catches up. That expansion also has to be powered, cooled, and connected by somebody other than NVIDIA, and we rounded up seven of those suppliers in a free AI infrastructure report.

Where NVIDIA Trades Today vs Its Earnings Power

At 18x forward earnings, NVIDIA looks cheap for a business guiding to 70% growth. Shares sit just under the 52-week high of $237.88 and far above the low of $163.90.

Over 10 years the stock has returned 13,941.13%. At today’s multiple, the upside thesis depends on earnings growth, and multiple expansion would be a bonus on top.

Is $350 Realistic? Here’s My Take

Getting to $350 takes a 49.6% gain. I call it a stretch, but a credible one.

Three things need to go right: Vera Rubin ramps on schedule, margins recover to 72% to 73% in fiscal 2028, and top hyperscaler capex reaches the projected $1.3 trillion in 2027. A decline in AI lab funding would disrupt the thesis quickly.

Returns at this level shouldn’t be expected every year, but we’ve outlined the plan for how NVIDIA could reach $350 in 2027.

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