TLDR
- Shares of NVDA declined approximately 2.6% during Thursday’s premarket session following positive analyst commentary on GTC
- Raymond James elevated its price forecast to $323 from $291 while keeping a Strong Buy recommendation
- Truist increased its price forecast to $287 from $283 and confirmed its Buy rating
- The chipmaker disclosed $1 trillion in aggregate GPU order visibility extending through 2027
- Analyst consensus remains Strong Buy with 40 Buy recommendations, 1 Hold rating; mean target sits at $274.16
Shares of Nvidia experienced a decline of approximately 2.6% during Thursday morning’s premarket session on March 19, coinciding with two major Wall Street firms increasing their price forecasts after the chipmaker’s annual GTC conference.
The conference, which Truist analyst William Stein characterized as “the Super Bowl of AI,” showcased product announcements, strategic partnership reveals, and a significant revenue visibility disclosure from company leadership.
Raymond James analyst Simon Leopold elevated his price forecast to $323 from $291 while maintaining his Strong Buy recommendation. He highlighted Nvidia’s disclosed projection of $1 trillion in aggregate GPU sales extending through 2027, suggesting this estimate may prove conservative.
Leopold noted that incorporating contributions from Vera Rubin Ultra and the Groq LPX processors could push total AI data center revenue through 2027 closer to $1.3 trillion.
Truist’s Stein similarly increased his forecast, adjusting it to $287 from $283 while confirming a Buy rating. His analysis emphasized three primary themes emerging from the second day of GTC.
Management characterized 2025 as “the year of inference,” signaling a market transition from training-oriented infrastructure builds toward production-scale inference deployment. Stein identified three demand catalysts: generative AI driving increased token consumption, OpenClaw establishing what Nvidia describes as a “ChatGPT moment” for Agentic AI applications, and accelerating momentum in physical AI initiatives including autonomous vehicles and humanoid robotics.
Additionally, Nvidia is emphasizing “tokenomics” — measuring tokens per second per watt — as the critical performance benchmark for inference operations. The company addresses this priority through its rack-scale Vera Rubin platform, enabling customers to configure combinations of five distinct resource rack configurations.
$1 Trillion in Revenue Visibility
The standout announcement from GTC was Nvidia’s disclosure of $1 trillion in revenue visibility stemming from Blackwell and Vera Rubin orders through 2027. This figure represents a significant increase from the $500 billion through 2026 the company referenced during the previous year.
Current Wall Street projections for data center revenue total approximately $950 billion spanning 2025 through 2027. Stein anticipates “at least modest upside” for 2026 and 2027 based on management commentary.
He adjusted his calendar year 2027 data center revenue projection upward to $468 billion from $439 billion. His earnings per share forecast for that same year rose to $11.48 from $10.12.
The stock failed to mirror the optimistic analyst sentiment. NVDA traded down roughly 2.6% during premarket hours on Thursday.
NVDA Price Target and Consensus
The prevailing Wall Street consensus for NVDA stands at Strong Buy, comprising 40 Buy recommendations alongside a single Hold rating. The mean price target rests at $274.16, suggesting approximately 52% upside potential from present trading levels.
NVDA has advanced 56% during the trailing 12-month period, though the stock remains more than 3% lower year-to-date entering Thursday’s trading session.
The mean analyst target of $274.16 falls considerably below both the Raymond James and Truist forecasts announced this week.
