Bernstein flags Nvidia at 25x P/FE, 11th‑percentile valuation with $275 target

Bernstein said Nvidia is trading at 25x forward earnings, putting it in the 11th percentile of its 10‑year valuation range and about a 13% discount to the PHLX Semiconductor Sector Index. The firm maintained an outperform rating with a $275 price target, noting shares are up 34% in 2025 while the PHLX Semiconductor Index has gained 41%.