Nvidia's dominant position in the AI chip market received yet another endorsement from Wall Street this week, as analysts rushed to raise their price targets following the company's CES 2026 keynote. Evercore ISI led the charge with the highest target on the Street: $352 per share, implying 86% upside from current levels and cementing the view that the AI boom has years of growth ahead.

The Evercore Call

Evercore analyst Mark Lipacis raised his Nvidia price target from $261 to $352 following the company's CES presentation, making it the most bullish call among major Wall Street firms covering the stock. His thesis centers on an acceleration in AI infrastructure spending that he believes could push Nvidia's revenue growth to 79% by mid-2026.

"The narrative that AI infrastructure spending will slow has been proven wrong time and time again," Lipacis wrote. "Demand for Nvidia's accelerated computing platforms continues to outstrip supply, and the Vera Rubin roadmap ensures the company maintains its technological lead for years to come."

What Nvidia Unveiled at CES

CEO Jensen Huang's keynote at CES 2026 provided the catalyst for the analyst upgrades. Key announcements included:

  • Vera Rubin platform: The next-generation AI computing platform, slated for the second half of 2026, featuring six new AI chips designed to push the boundaries of machine learning performance
  • Physical AI vision: A comprehensive strategy for AI that interacts with the real world, spanning autonomous vehicles, robotics, and industrial automation
  • GR00T models: New foundation models for humanoid robots, positioning Nvidia to capture the emerging robotics AI market
  • Alpamayo platform: An open AI model platform bringing reasoning and decision-making capabilities to autonomous vehicles
  • Continued demand visibility: Huang noted that demand for AI computing remains "very high," with customers still waiting months for allocation

The Wall Street Consensus

While Evercore's target stands out as the most aggressive, other analysts also raised their estimates following CES:

  • Bank of America: Maintained Buy rating with $275 price target; analyst Vivek Arya called the keynote "reinforcing" of the bull thesis
  • Citi: Buy rating with $270 target; analyst Atif Malik cited confidence in both short and medium-term outlook
  • Stifel: Buy rating with $250 target
  • Cantor Fitzgerald: Named Nvidia a top pick with $300 target
  • Wedbush (Dan Ives): $250 base case target representing 33% upside

The consensus price target among 39 analysts covering Nvidia stands at $262.79, implying 41% upside from current levels around $189. Of those analysts, 39 rate the stock a Buy, one a Hold, and one a Sell.

The Valuation Debate

Even bulls acknowledge that Nvidia's valuation is demanding. At a market cap of approximately $4.5 trillion and trailing twelve-month revenue around $135 billion, the stock trades at roughly 33 times sales. The forward price-to-earnings multiple sits around 40 times fiscal 2026 estimates.

These are premium multiples by any measure, but Nvidia bulls argue they're justified by several factors:

  • Unmatched growth: Few companies of Nvidia's size can deliver 50%+ revenue growth
  • High margins: Gross margins above 70% translate revenue growth into enormous profit growth
  • Competitive moat: CUDA software ecosystem creates switching costs that protect market share
  • Expanding TAM: The total addressable market for AI computing continues to grow as new applications emerge

Risks to Consider

Despite the bullish consensus, Nvidia faces several risks that investors should consider:

  • Competition: AMD, Intel, and custom chips from cloud providers like Google (TPU) and Amazon (Trainium) are gaining capabilities
  • Geopolitical risk: Export restrictions to China have already impacted Nvidia's revenue, and further restrictions could follow
  • Customer concentration: A handful of hyperscale cloud providers represent a significant portion of revenue
  • Cyclicality: The semiconductor industry is historically cyclical, and AI infrastructure spending could eventually normalize
  • DeepSeek concerns: Recent developments suggesting more efficient AI training methods could theoretically reduce demand for computing power

What the $352 Target Implies

Evercore's $352 target would give Nvidia a market capitalization of approximately $8.5 trillion—a figure that would make it by far the world's most valuable company, surpassing Apple, Microsoft, and Nvidia's own previous highs.

Reaching that valuation would require:

  • Continued 50%+ revenue growth through 2026 and into 2027
  • Sustained or expanded profit margins
  • No significant competitive erosion
  • Continued AI infrastructure buildout by major tech companies
  • No major regulatory or geopolitical disruptions

It's an ambitious set of requirements, but Nvidia has consistently exceeded expectations throughout the AI boom.

The Bottom Line

The analyst upgrades following CES 2026 reflect continued confidence in Nvidia's position as the essential enabler of the AI revolution. Evercore's $352 price target represents the most bullish view on Wall Street, projecting that Nvidia's dominance will translate into years of additional growth.

For investors, the question isn't whether Nvidia is a great company—it clearly is—but whether that greatness is already reflected in the stock price. At $189 per share, bulls see substantial upside as AI infrastructure spending continues to accelerate. Bears worry that expectations have become so high that even excellent execution may not be enough to drive the stock significantly higher.

What's undeniable is that Nvidia has become the defining investment of the AI era. Whether you're bullish or cautious, you can't discuss the future of technology—or the stock market—without talking about Nvidia.