Bernstein SocGen raises Nvidia price target on strong demand

Bernstein SocGen raised its price target for Nvidia to $400 from $315, maintaining an Outperform rating after the chipmaker beat expectations. Nvidia reported second-quarter revenue of $96.2 billion and earnings per share of $2.22, surpassing estimates of $92.3 billion and $2.09. Data center revenue grew on Blackwell momentum, with hyperscale customers up 13% quarter-over-quarter and 102% year-over-year. The company issued third-quarter guidance of $108 billion in revenue and $2.46 earnings per share, above expectations. Nvidia raised its fiscal 2028 outlook, now projecting approximately 70% annual sales growth.