Melius Cuts Nvidia Target to $315 Despite Buy Rating

Melius Research lowered its Nvidia price target from $420 to $315 while keeping a Buy rating on the chipmaker's shares.

Updated on Nov. 2, 2026 in Stock Picks

Melius Cuts Nvidia Target to $315 Despite Buy Rating

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Melius Research cut its Nvidia price target from $420 to $315 on November 2, 2026, while maintaining a Buy rating. Nvidia shares are up 8% year to date, trading at $204 at press time.

Why it matters

The revision comes after Nvidia reported $96.2 billion in second-quarter revenue, driven by demand for AI-related products. For U.S. investors, the split between a lower target and a continued Buy call highlights how analysts are weighing strong results against the stock's current valuation.

Nvidia shares trade at $204 with an average 12-month analyst target of $323.45, a range from $275 to $465, according to TipRanks market-tracking data. Whether the stock moves toward these targets depends on the company's Q3 fiscal 2027 results, which are scheduled for release on November 17, 2026.

The players

Melius Research

Melius Research is an independent investment research firm that publishes analyst coverage on public equities.

Nvidia

Nvidia is a Santa Clara-based semiconductor company whose graphics processors are widely used for artificial intelligence computing.

The details

Melius Research lowered its Nvidia target from $420 to $315 on November 2 but kept a Buy rating. All analysts covering the stock over the past three months have assigned Buy ratings, and Nvidia's second-quarter revenue rose 18% sequentially and 106% year over year, with Data Center revenue up 117% to $89 billion.

September 22, 2026: Morgan Stanley maintained its Buy rating and $300 target.
September 25, 2026: Bernstein reiterated its Buy call with a $400 target.
September 26, 2026: Barclays maintained its Buy rating and $275 target.
November 2, 2026: Melius Research lowered its Nvidia target from $420 to $315.
November 17, 2026: Nvidia releases its Q3 fiscal 2027 results.

Market Dynamics

Nvidia's Data Center revenue growth of 117% reflects the broader AI infrastructure buildout that has driven demand for its chips since 2023. Analysts' mixed signals, with unanimous Buy ratings alongside downward target revisions, show how the market is pricing that growth against the sustainability of AI capital spending.

Investors holding Nvidia in retirement or brokerage accounts face a stock trading well below the average analyst target, with the lowest target at $275. Individuals weighing a position should consider how the November 17 earnings report could shift both the share price and analyst ratings.

The takeaway

Analysts remain broadly bullish on Nvidia even as individual targets fall, so investors should watch the November 17 earnings release for evidence on whether AI demand continues to support revenue growth at current levels.

What happens next

Nvidia releases its Q3 fiscal 2027 results on November 17, 2026, which will show whether the company meets management's expectation of approximately $108 billion in revenue.