Nvidia’s (NASDAQ: NVDA) shares closed lower on Tuesday, September 23, but analysts used the day to sharpen their views.
Targets now cluster between $205 and $225, a range that implies 15–26% upside from the close. The recalibration reflects both near-term caution and long-term conviction as Wall Street weighs the company’s $100 billion partnership with OpenAI to deploy Nvidia-powered data centers.
Optimism for NVDA shares was most visible at Evercore ISI, where Mark Lipacis lifted his price target to $225 from $214 and again named Nvidia his “top pick.”
He argued the company remains the AI “ecosystem play of choice,” adding that consensus models still understate the revenue trajectory. Lipacis backed the call with hard numbers, boosting his second-half CY26 revenue forecast by roughly $5.5 billion.
At Bernstein, Stacy Rasgon also stood by a $225 target, echoing Lipacis’s bullish view but striking a note of caution. The OpenAI framework, he warned, will “clearly fuel ‘circular’ concerns,” a reference to investor fears that vendor-linked financing can distort perceptions of true end demand.
Wall Street’s ‘modest’ NVDA price targets
Others were more restrained. Cody Acree at Benchmark reiterated his $220 target, describing the OpenAI pact as strategically important but unlikely to move financials in the near term given its staged structure and non-exclusive terms. Still, he suggested the deal could yield a “4–5x” return over time as capacity ramps.
On the low end, UBS’s Timothy Arcuri kept his target at $205, noting that while the headlines alone weren’t enough to lift his numbers, underlying demand remains “as strong as ever.”
Finally, Mizuho’s Vijay Rakesh took a similar stance, trimming his target to $205 from $214 to account for timing but maintaining a buy rating into Nvidia’s next product cycle.
The takeaway is a Street that remains overwhelmingly constructive. Targets narrowed into a $205–$225 corridor, underscoring broad consensus that Nvidia still has double-digit upside, even after a volatile year.
