Nvidia (NVDA) stock rose to its record high, surging past the $150 price level yesterday, June 25. It has been a remarkable turnaround for the chip designing giant as the stock briefly plunged below $100 in April amid the tariff chaos, which was made worse by export restrictions on the H20 chips that it had designed for China.

Nvidia is now back to being the world’s most valuable company, a position it has held off and on. Thanks to the recent rally, the Jensen Huang-led company has raced ahead of Microsoft (MSFT), while Apple (AAPL) is further down the road with its market cap just over $3 trillion as of June 25. 

As I noted in my Nvidia fiscal Q1 2026 earnings analysis, record highs appeared in sight for the company after a stellar report where it managed to beat on both the top line and bottom line and provided upbeat guidance despite losing out on sales worth several billion dollars in China due to the export controls. In this article, we’ll discuss what lies ahead for the company after hitting record highs and whether it can rise above $200 next.

Nvidia Stock Forecast

The overall Street sentiment is quite bullish on NVDA, and of the 44 analysts covering the stock, 37 rate it as a “Strong Buy” while three rate it as a “Moderate Buy.” Three analysts rate the stock as a “Hold,” while one rates it as a “Strong Sell.” Nvidia’s mean target price is $174.83, while the most recent Street-high target price (via Loop Capital) is $250.

Can Nvidia Stock Rise Above $200?

Meanwhile, after Nvidia stock has hit record highs, investors might fancy the chances of it hitting the $200 price level, even as $250 might seem a bit far-fetched for now. Notably, apart from Loop, Tigress Financial, Barclays, Truist, Rosenblatt Securities, and Cantor Fitzgerald have put a target price of $200 or higher on Nvidia.

Nvidia would need to rise over 29% for the stock to hit $200, sending its market cap to almost $5 trillion. Another 25% rally will help Nvidia’s stock reach its Street-high target price of $250, at which point its market cap should be north of $6 trillion. No company has ever commanded a market cap above $4 trillion.

NVDA’s Revenues Have Skyrocketed Amid the AI Pivot

That said, stock prices are a function of underlying earnings and the kind of multiples the market gives to these earnings. Nvidia has been a growth powerhouse since the artificial intelligence (AI) pivot began in 2023. The company is expected to generate revenues of almost $200 billion in the current fiscal year, 53% higher than the previous year. Its revenues are expected to rise 25.5% to $250.7 billion in the next fiscal year. While the growth rates have arguably been falling, they are coming from a much higher base. For context, in its fiscal year 2023, Nvidia’s revenues were a tad short of $27 billion.

The top line growth has also flowed into the bottom line, as well as cash flows. Analysts are modelling Nvidia’s earnings per share to rise 36.7% in the current fiscal year and 31.9% in the next. In absolute terms, Nvidia is expected to post EPS of $4.01 in the current fiscal year that will end in January 2026 and $5.29 in the next fiscal year.

Nvidia trades at a forward price-earnings (P/E) multiple of almost 37x while the P/E-to-growth multiple is 1.31x. If Nvidia were to rise to $200, it would trade at around 50x its expected EPS this year. However, there are several moving parts here, and the earnings estimates, on which these calculations are based, are subject to revisions, both on the upside and downside. 

Nvidia’s Earnings Might Need to Grow Faster than Current Estimates

I find that a forward P/E of 50x sounds a bit too high for Nvidia, even with all the growth the company is witnessing. That said, I believe the earnings estimates could be subject to upward revision as the margins of Nvidia’s Blackwell chips rise amid the ramp-up.

The AI spending spree is far from over, and Huang touted sovereign AI as the next growth driver. NVDA stock currently has momentum, and I don’t see any immediate risk to the rally, barring a macroeconomic shock. The next trigger for Nvidia could be a potential easing of China export restrictions, or the company coming up with a new chip that it can export under the current set of rules. 

Overall, I would not rule out the possibility of Nvidia stock rising above $200, if not this year, then in the coming year. However, $250 is not something I would like to bet on, at least for now.