Nvidia (NVDA) Shares Surge 5.79% as Citi Upgrades Target to $220 Pre-Earnings

Nov 11, 2025: Nvidia shares surged 5.79% in pre-market trading as positive analyst sentiment and bullish forecasts fueled optimism ahead of its third-quarter earnings report.

Citi analyst Atif Malik raised the price target for NVDA to $220 from $210, maintaining a “Buy” rating. Malik cited stronger-than-expected AI investments, including the company’s 6 million Blackwell GPU units already shipped, and revised 2028 data center semiconductor market forecasts to $654 billion. He anticipates Q3 revenue of $56.8 billion, exceeding Wall Street’s $54.6 billion estimate, and expects a “beat and raise” outcome for the Nov 19 earnings release. The stock’s 28x P/E ratio is viewed as more attractive compared to AI peers, according to the analyst.

Recent analyst upgrades have reinforced confidence in Nvidia’s growth trajectory. Despite broader AI sector volatility, Citi’s revised estimates highlight the company’s leadership in GPU-driven AI infrastructure and its expanding data center networking solutions. The upward price target adjustments reflect a consensus that Nvidia remains well-positioned to capitalize on long-term AI adoption trends.

Industry observers also note the potential for sector rotation into AI-driven stocks as macroeconomic conditions stabilize. Investors are closely watching whether the recent momentum in NVDA reflects a broader shift toward tech leadership or is driven by isolated factors such as product innovation and analyst upgrades. The company’s ability to sustain its earnings growth and outperform sector benchmarks may hinge on its execution in the Blackwell GPU rollout and its strategic partnerships in AI cloud computing.

Backtest Hypothesis: A strategy based on Citi’s earnings forecast assumptions—targeting NVDA’s projected outperformance relative to AI peers and the broader market—could be tested using historical data from 2025. Key variables include revenue beat probabilities, P/E multiple convergence, and sector rotation dynamics. The hypothesis would assess whether pre-earnings momentum and analyst-driven sentiment shifts consistently generate alpha in high-growth tech stocks.