Piper Sandler analyst Harsh Kumar raised the price target on NVIDIA (NASDAQ: NVDA) to $140.00 (from $120.00) while maintaining a Overweight rating.

The analyst commented, "We view the setup for NVDA positively ahead of the July quarter earnings and the October quarter guidance. We see the strong business trends exhibited over the prior year by NVDA set to continue aided by official launch of the Blackwell architecture in the October quarter. With the launch of the new architecture, we feel this has the potential to spur a new leg of growth given that demand from CSPs, enterprises, and sovereign continues to be strong. As such, demand is expected to be well ahead of supply going forward once the B100/B200 launches. In our bull scenario, we continue to see Nvidia positioned to show a $2B+ beat for the reported July quarter revenue also aided by a bounce in networking supply. In our view, NVDA continues to be a premier player in the accelerated compute and gen AI end market. We reiterate OW, PT to $140."