Nvidia’s price target raised at Needham after H20 chips set to see China sales

Needham raised its price target on Nvidia’s (NASDAQ:NVDA) stock to $200 from $160 after the company announced that it hopes to resume sales of its H20 chips to China, citing U.S. government assurances that export licenses will be granted.

The firm has a Buy rating on the shares of Nvidia.

Analysts led by N. Quinn Bolton said in April export controls were placed on H20 products, which prevented the company from shipping $2.5B worth of product in the first quarter of fiscal 2026, and halted nearly $8B of H20 orders set to ship in the second quarter of fiscal 2026.

While Nvidia did not comment on how much H20 revenue it expects to capture over the coming quarters, the analysts said they conservatively model $3B of H20 shipments per quarter, starting in the third quarter of fiscal 2026 (October), over the next several quarters.

In addition, the company may be developing Blackwell graphics processing unit, or GPU, variants for the China market (B30/B40/RTX 6000D) that are expected to begin shipments in the August/September time-frame, the analysts noted.