JPMorgan maintains an overweight rating on NVIDIA, with a target price of $320

JPMorgan believes that the core issue currently facing Nvidia is not a lack of demand, but rather supply constraints limiting its growth potential. Nvidia's management recently informed JPMorgan that if supply constraints can be lifted, the company's business scale could even double year-on-year.

JPMorgan analyst Harlan Sur maintained an "Overweight" rating on Nvidia after meeting with the Nvidia investor relations team and kept the target price at $320. Nvidia's management expects the company's business to grow by about 70% year-on-year in fiscal year 2028, but Sur believes that, based on the current customer demand situation, the actual potential growth capacity may be even stronger. Meanwhile, Nvidia's visibility into future demand is also improving. Sur stated that the reason the company's management provided an early growth outlook for fiscal year 2028 is due to a significant gap between their internal demand assessment and Wall Street forecasts. Releasing this expectation early also helps suppliers and other partners plan capacity in advance for higher future demand levels.