NVDA Stock Posts Biggest Jump In 14 Months On $12 Trillion Valuation Call From Raymond James – ‘Supply Is The Primary Constraint’

• Raymond James said supply remains the primary constraint on Nvidia’s growth and suggested the company could eventually generate as much as $1 trillion in annual revenue.
• Truist said underlying demand could support 100% sales growth next year, but supply could limit actual growth.
• JPMorgan similarly described Nvidia’s outlook as “supply-constrained,” with “unconstrained demand pacing materially higher,” and raised its price target to $320 from $280.

Nvidia (NVDA) shares jumped in morning trade on Thursday, clocking their highest single-day gain in over a year, after a slew of price hikes from Wall Street following the firm’s second-quarter earnings beat. 

Wall Street’s biggest takeaway was not Nvidia’s 70% growth forecast for fiscal 2028, but the possibility that the company could grow even faster if supply were unconstrained.

Raymond James raised its price target on Nvidia to $515 from $352, the biggest increase and the highest target among the analysts covering the results on TheFly. The new target is nearly double NVDA stock’s record high of over $236 seen in May and implies a market value of $12.4 trillion if reached.

NVDA stock rose around 8% in morning trade, on track to record its biggest single-day gain since April 2025, and was among the top trending tickers on Stocktwits at the time of writing. 

Wall Street Sees Nvidia Demand Running Ahead Of Supply

Raymond James analyst Simon Leopold pointed to Nvidia’s projected 70% revenue growth for 2028, accelerating demand for new architectures and expectations that revenue from non-hyperscaler customers will grow faster than that of major cloud providers.

Truist offered an even more striking view of the underlying demand environment, saying “demand supports 100% sales growth next year,” while supply constraints could limit reported growth to roughly 70%. Truist raised its price target to $346 from $307 and maintained a ‘Buy’ rating.

JPMorgan made a similar distinction, describing Nvidia’s FY28 outlook as “supply-constrained,” with “unconstrained demand pacing materially higher.” The firm raised its target to $320 from $280 and kept an ‘Overweight’ rating.

Analysts See Growth Broadening Beyond Hyperscalers

RBC Capital focused on the changing composition of Nvidia’s customer base, saying AI Clouds, Industrial and Enterprise customers are outpacing hyperscalers. The firm also pointed to early signs of recurring revenue emerging from neocloud revenue-sharing agreements. The firm raised its target to $330 from $300 and maintained an ‘Outperform’ rating.

Bernstein was similarly bullish on Data Center demand, raising its target to $400 from $315 while maintaining an ‘Outperform’ rating. The firm cited continued Blackwell momentum and strength across both hyperscaler and ACIE customers.

Evercore ISI also raised its target to $465 from $413, and maintained an ‘Outperform’ rating. Analyst Mark Lipacis highlighted Nvidia’s “proactive demand-supply management strategy” as a factor that could help the company sustain momentum.

How Is Retail Feeling About NVDA Stock Post-Earnings?

On Stocktwits, retail sentiment around NVDA shares improved to ‘extremely bullish’ from ‘bullish’ over the past day, with chatter rising to ‘extremely high’ from ‘high’ levels. 

The conversation, however, wasn't uniformly focused on chasing Thursday's rally. Some traders viewed Nvidia's recent price action as consolidation before another move higher, while others warned that broader macro catalysts could make markets volatile in the near term.

NVDA stock has gained nearly 20% year-to-date and over 24% in the last 12 months. 

Read also: Nvidia Earnings Send Chip Stocks Higher, But Reported New Trump Tariff Plans Could Broaden The Trade Fight

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