Nvidia's target stock price has been raised by Jefferies.

Jefferies has raised Nvidia's (NASDAQ:NVDA) target stock price from $135 to $150, raising financial estimates for the AI chip maker.

The company has a buy rating on Nvidia.

Jefferies analyst Brian Curtis, receiving information from Huobon analyst Sherman Shan, noted that the AI basket's performance over the past month has been mixed, with Broadcom (AVGO) joining Nvidia (NVDA) in outperformance. However, there is an increasing number of investors short selling Advanced Micro Devices (AMD) / Marvell Technology (MRVL) and are looking to add AI exposure to Edge AI / Mobile.

Analysts believe it is premature to determine the losers in 2025, but concerns about AMD's pipeline are increasing.

For example, analysts state that while the growth of Marvell and Astera Labs (ALAB) is still anticipated alongside Nvidia, decisions regarding each generation of NVDA could have a significant impact on this.

Jefferies analysts stated that they concluded a one-week marketing with Koh and plan to meet with the management of Nvidia, Broadcom, Marvell, and Astera on the AI bus tour this week.

The analyst stated that this tour began because they wanted to actually see Nvidia's GB200 NVL and ask some questions about the company's advantages on this platform, and they wanted to explore what this transition means for other ecosystems.

Curtis and his team emphasized the upside in Nvidia's entire supply chain discovered during their mid-May trip to Asia. They also mentioned that Nvidia requested to increase the production capacity of Blackwell, a graphics processing unit microarchitecture developed by Nvidia, by about 25% in the second half of 2024, and about 40%.

The analyst updated these quantities at that time, but did not reflect this upward revision in the forecast as they wanted to further check the accuracy and understand how this would flow into GB200 NVL.

After additional checks and input from the Fubon team, Jefferies currently sees the quantity of GB200 NVL as 0.06 million units (increased from 0.04 million units), and they expect all NVL 36 to increase (NVL 36 by 0.05 million units, NVL 72 by 0.01 million units).

The same analyst added that even with this increase in numbers, it is still below 50 billion dollars in the CY25 bottom-up check.

Jefferies' long-term view on Nvidia: The analyst stated that industry checks suggest further growth and that beat will accelerate in FY26 with Blackwell ramping up.

The analyst sees an increase in system sales and further expansion of competitive moats with the launch of GB200.

Jefferies analysts have already raised revenue/EPS estimates exceeding the street to $124 billion/2.82 dollars in FY25, and $181 billion/4.23 dollars in FY26.