By Hillary Remy
Publication Date: 2026-05-23 21:03:00
Nvidia just delivered what analysts are calling one of the most consequential quarters in semiconductor history. The stock was already up nearly 20% year-to-date before the results landed. And JPMorgan’s Harlan Sur still sees 25% upside from here.
The reasoning behind that view is more nuanced than a simple beat-and-raise story, and understanding it requires looking at what Nvidia (NVDA) said, and did not say, about what comes next.
What JPMorgan changed on Nvidia and the analyst behind the call
JPMorgan analyst Harlan Sur raised his price target on Nvidia to $280 from $265, maintaining an Overweight rating. At Nvidia’s May 21 closing price of $223.47, the new target implies approximately 25% upside.
The raise followed Nvidia’s Q1 FY2027 earnings release on May 20, which the company described as one of its strongest quarters on record.
Nvidia’s market capitalization now stands at approximately $5.41 trillion. Across all 42 analysts tracked by TipRanks, Nvidia holds a Strong Buy consensus with an average 12-month target of $280.31, implying 24.4% upside, according to TipRanks.
The three pillars supporting JPMorgan’s Nvidia revised thesis
JPMorgan’s note identified three specific reasons for the higher target. First, Nvidia management affirmed expectations of sequential revenue growth continuing through the remainder of 2026 and into 2027, supported by hyperscaler data center capital expenditure growth exceeding 70%. That is not a modest capex…