Wells Fargo raises Nvidia target to $315, sees 44% upside

Wells Fargo raised its Nvidia price target to $315 from $265 and maintained an Overweight rating. The bank said the new target implies about 44% upside from Nvidia’s recent trading in the $219–$226 range.

In a note to investors, Wells Fargo said the $315 target is based on applying a 21-times multiple to its estimated 2028 earnings per share of $14.85 for Nvidia. The firm kept the Overweight stance while outlining the earnings and valuation assumptions behind the target.

Wells Fargo projected AI infrastructure spending will exceed $1 trillion by 2027 and used that projection in its model. The bank forecast AI compute capacity rising from 9.2 gigawatts in fiscal 2026 to 25.2 gigawatts in fiscal 2029, and it highlighted accelerated buildouts by major cloud providers including Microsoft, Google and Amazon.

The note identified Nvidia’s product roadmap as a driver of customer upgrades. Wells Fargo pointed to the Blackwell GPU architecture as likely to prompt a data center upgrade cycle and described the Vera architecture as a longer-term technology planned to support future performance gains.

Wells Fargo framed its outlook as a multiyear demand scenario for AI infrastructure and said its capacity and revenue assumptions reflect sustained spending rather than a short-term surge. The $315 target reflects the earnings trajectory the bank expects if those spending and market-share assumptions hold.

The firm’s case rests on two main elements: a large market for AI data center hardware and Nvidia capturing a significant share of that spending through its GPUs and software. Nvidia has shifted from graphics chips to supplying accelerators used for AI training and inference, and demand from cloud providers and enterprises has driven recent data center investment.

Wells Fargo noted that the size and duration of future AI spending are key variables for its forecast and for valuations across the semiconductor sector.