Wells Fargo Raises Nvidia Target to $315 on AI Buildout

Wells Fargo raised its price target for Nvidia to $315 from $265 and kept an Overweight rating, signaling strong confidence in the stock. That new target implies roughly 44% upside from Nvidia’s recent trading range near $219–$226 per share.

Wells Fargo arrives at $315 by applying a 21x multiple to its estimated 2028 earnings per share of $14.85 for Nvidia. The bank’s bullish outlook is driven by a forecast that AI infrastructure spending will exceed $1 trillion by 2027, as hyperscale cloud providers and enterprises race to expand AI-focused data-center capacity.

In Wells Fargo’s model, AI compute capacity grows from 9.2 gigawatts in fiscal 2026 to 25.2 gigawatts in fiscal 2029, implying a multi-year upgrade cycle rather than a short-lived spike. The bank also highlights Nvidia’s product roadmap—especially the Blackwell GPU platform, expected to spur a significant upgrade wave among data-center customers, and the longer-term Vera architecture—as key to sustaining Nvidia’s share of AI compute demand.

What this means for investors: Wells Fargo’s thesis hinges on elevated AI infrastructure spending persisting for years. If the >$1 trillion buildout and the projected gigawatt growth materialize, Nvidia is well positioned to capture a disproportionate share of that spending and to meet the earnings profile behind a $315 target. The core risk is whether AI compute demand and the upgrade cadence will remain strong enough to sustain the earnings trajectory baked into that valuation.

Disclosure: This article was edited by the editorial team.