'NVIDIA (NVDA) Best Positioned to Clear A High Bar'; PT Raised to $235 at TD Cowen

TD Cowen analyst Joshua Buchalter raised the price target on NVIDIA (NASDAQ: NVDA) to $235.00 (from $175.00) while maintaining a Buy rating.

The analyst commented: "Into the Print: We See NVDA Best Positioned to Clear A High Bar; More Balanced On AVGO, MRVL, CRDO.

Positive on NVIDIA (Buy), as we see strong fundamentals and a clean narrative (despite the chaos and distraction surrounding H20 and China) as the Blackwell-Blackwell Ultra handoff is transitioning rapidly and smoothly. We note NVIDIA is trading at a discount to Broadcom despite what we see as a cleaner set-up, and we believe remains the best and cleanest way to play AI... still. We leave our well-above Street $55B OctQ estimate unchanged, which we note does not include H20 revenue given timing/magnitude uncertainty. We also see upside to our above-Street 2026 estimates, well beyond adding back datacenter sales to China. At $150, investors were playing for $6 in C2026E; at $180 we think that number is closer to $7... and we expect NVIDIA to build visibility to that number over the next 2-3 quarters.

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