Even though Nvidia Corp. (NASDAQ: NVDA) stock has faced a strong resistance level around $234 so far in 2026, C.J. Muse, an expert at Cantor Fitzgerald, has reiterated a rally towards a new all-time high (ATH) over the next 12 months.
On October 1, Muse maintained an ‘Overweight’ rating for Nvidia stock. He also reiterated the firm’s 12-month price target for NVDA at $350.
With Nvidia trading at $228.92 on Thursday, Cantor Fitzgerald expects NVDA stock to rally 52.89% over the next 12 months.
Muse based his bullish thesis on NVDA stock on robust demand growth and the company’s dominant role enabling Agentic Artificial Intelligence (AI). Moreover, he argued that this role accelerates its share of Information Technology (IT) capital expenditures (CapEx) among hyperscalers.
He added that this advantage gives the company strong potential to exceed its targets of over 70% revenue growth by 2027 and $3 to 4 trillion in compute spending by 2030.
Despite concerns about AI spending and gross profit margins, Muse highlighted that NVIDIA is too cheap to ignore at 13 times updated calendar year 2028 earnings per share of $26. Furthermore, the company’s upgraded demand and supply-chain expectations reinforce strong confidence in its long-term growth.
Is Nvidia a good stock to buy?
At the time of reporting, 31 Wall Street analysts surveyed by TipRanks over the past three months have set an average rating for NVDA of ‘Strong Buy’. Additionally, these analysts have set a mean target price of $324.32, thereby suggesting a possible rally to a new peak over the next 12 months.
NVDA stock analysis
Year-to-date (YTD), Nvidia stock has surged 21.22%, hence pushing the company’s market capitalization to approximately $5.5 trillion at the time of publication.
Although NVDA’s price has struggled to rally beyond its resistance level around $230 since mid-May 2026, Wall Street analysts are confident of a rally towards a new peak over the next 12 months.
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