Nvidia (NASDAQ:NVDA) shares have wobbled in 2025 within the nice Nasdaq sell-off, and they’re down 12% 12 months to this point on the time of writing (21 March).

The corporate has simply concluded its GPU Know-how Convention (GTC) in San Jose, California. It’s an annual occasion that draws the large gamers within the synthetic intelligence (AI) recreation.

Nvidia’s new-generation Blackwell Extremely chip is the important thing know-how occasion, with next-generation Rubin chips advancing by way of the pipeline. We heard of much more highly effective AI workstations, strikes into robotics, and there was a good bit of starry-eyed dreaming too.

However the market response was lukewarm. Presumably as a result of there have been few actual surprises, with chip rollout schedules leaked nicely earlier than the occasion.

Dealer upgrades

If buyers weren’t too excited by the large AI get-together, analysts appear extra enthused.

Jefferies restated its Purchase advice on the power of the convention, with a price goal of $185. That’s an anticipated acquire of greater than 55% on the present price. Dealer views can typically look primarily on the quick time period. However Jefferies is peering additional forward, saying “Rubin will solely mark an incremental improve in 2026, with Rubin Extremely anticipated to be essentially the most important leap ahead to come back in 2027“.

In the identical week, UBS reiterated its personal $185 goal for the Nvidia share price. JP Morgan adopted with a extra modest objective of $170, although that also implies a acquire of greater than 40%.

The vary of price forecasts reaches as excessive as $220, with Financial institution of America repeating its $200 prediction as just lately as 12 March. Even on the low finish, essentially the most bearish continues to be $125. Even the largest pessimist nonetheless sees positive factors, and that may’t be dangerous.

The actual fundies

That is all encouraging. However I all the time urge warning concerning dealer targets. They will generally change course quicker than a flag on a windy day. And despite the fact that we see some far-sightedness, the short-term nonetheless typically dominates Wall Road.

They’re nonetheless helpful, as we should always profit from all inventory market opinions to assist us kind our considering. And on the finish of the day, that may assist us make our personal choices as smarter buyers.

Longer-term basic forecasts could be extra telling. And the outlook for Nvidia based mostly on these out to 2028 can also be bullish.

They count on Nvidia’s earnings per share (EPS) to develop 47% this 12 months, and by 120% between the 12 months simply ended, January 2025, and January 2028. In the event that they’re near the mark, that would drop the price-to-earnings (P/E) ratio as little as 18 by 2028.

Extremely aggressive

The principle menace I see is rising competitors. And restrictions on the export of know-how to China can solely give added impetus in my thoughts. Look how China is overhauling the US lead in electrical car know-how. And homegrown competitors from the likes of Intel, Superior Micro Gadgets, and others may not be far behind.

Regardless of the uncertainties, I actually don’t see Nvidia shares as overpriced right now. I believe anybody who’s bullish on AI might do nicely to contemplate the inventory.