Cantor Fitzgerald reiterated an Overweight rating and retains a $400 price target on Nvidia (NVDA). The firm expects the company to report a material upside to expectations and to raise guidance when it issues results in roughly two weeks. That outlook sits alongside a broad Wall Street consensus that is favorable toward the stock - analysts’ ratings cluster at Strong Buy while published price targets span from $140 to $352.
Cantor Fitzgerald’s forecast for Nvidia’s earnings per share places fiscal 2026 and fiscal 2027 results at about $9.00 and $12.00 or higher. Those projections lie above current consensus estimates of $7.75 for fiscal 2026 and $9.53 for fiscal 2027.
On the demand side, the firm notes compute requirements remain robust and that supply constraints persist across Nvidia’s product portfolio. A notable example cited is the A100 product, now six years old, which the firm says is sold out and commanding higher prices. Cantor Fitzgerald also expects the Blackwell family of products to continue ramping and reports that Rubin is tracking toward a second-half fiscal 2026 rollout.
The firm’s view is that Nvidia is effectively sold out for the entirety of fiscal 2026, with backlog building into fiscal 2027 and 2028. That inventory and order profile underpins Cantor Fitzgerald’s projection of stronger-than-consensus earnings in the near term.
At the same time, the firm acknowledges a set of investor concerns. These include the possibility that hyperscale capital expenditure could peak in fiscal 2026, growing competition from Google’s TPUs, and broader market anxieties about circular financing arrangements and the sustainability of elevated capital spending levels.
In valuation terms, Nvidia shares are described as trading at about 21 times expected fiscal 2026 earnings and roughly 16 times expected fiscal 2027 earnings. The firm cites a PEG ratio of 0.78 and interprets the multiple relative to near-term earnings growth as indicative of a low P/E on that basis. Cantor Fitzgerald identifies a base fair value of at least $300 for the stock, which corresponds to a 25 times earnings multiple, while a bull case sits closer to $400 on a roughly 30 times multiple or higher. The firm continues to list Nvidia among its top picks.
Other brokerages and research shops named in recent commentary have expressed positive expectations ahead of Nvidia’s results. Morgan Stanley has reiterated an Overweight view with a $250 price target and cited strong conviction in Nvidia’s full-year outlook. KeyBanc maintained an Overweight rating and provided revenue projections that include $69 billion for fiscal fourth-quarter revenue and guidance for the fiscal first quarter between $74 billion and $75 billion. DA Davidson reiterated a Buy rating and emphasized the company’s potential for more than 50% growth. Aletheia Capital moved to upgrade Nvidia from Hold to Buy in anticipation of inventory normalization and improved rack shipment trends by fiscal 2026.
Separately, the competitive landscape in AI chips remains dynamic. The article notes that Google is exploring strategies to expand its AI chip market footprint and to challenge Nvidia’s leadership by deepening partnerships with data center providers. Those moves represent part of a broader set of industry developments that could influence market share, pricing and hyperscale purchasing decisions.
Overall, Cantor Fitzgerald’s reaffirmation reflects a view that robust compute demand, constrained supply and a growing backlog will drive upside to near-term results and that current valuation metrics - when compared with the firm’s earnings outlook - support a substantially higher fair value than current trading levels. At the same time, the firm and the market continue to monitor capital expenditure trajectories at hyperscalers, competitive pressure from alternative chip architectures and financing dynamics as potential moderating factors.