Bofa Bullish on Nvidia nasdaq Nvda Raises Stock Target Ahead of Key Tech Event

BofA Bullish on Nvidia (NASDAQ: NVDA): Raises Stock Target Ahead of Key Tech Event

Bank of America (BofA) has increased its price target for Nvidia (NASDAQ: NVDA), a leading semiconductor company. The new target is $1,100 per share, up from the previous $925.

This upward revision comes amidst NVDA’s surge in stock value, now ranking as the third most valuable company globally, surpassing tech giants like Alphabet (NASDAQ: GOOGL), Amazon (NASDAQ: AMZN), and Saudi Aramco (TADAWUL:2222), with a market capitalization of $2.297 trillion.

Bank of America has reaffirmed Nvidia as a top pick, maintaining its Buy rating. The firm highlighted the promising opportunities ahead for Nvidia, citing its robust pipeline and compelling valuation. 

The analysts also encouraged investors to focus on the upcoming GPU Tech Conference on March 18, where NVDA will showcase the growing impact of genAI and omniverse/digital twins across industries.

Bank of America foresees significant revelations during the conference, including insights into accelerating computing infrastructure, with estimates suggesting a potential re-architecture of $1 trillion to $2 trillion globally. Expectations are also high for updates on Nvidia’s accelerators (B100, N100), Ethernet switches, DPU, edge AI, and monetization strategies for recurring software and services.

Moreover, investors await updates on the expansion of enterprise use cases and the surge in demand from sovereign entities and on-premises deployments.

Analysts are overwhelmingly bullish on Nvidia, with 50 out of 64 Wall Street experts maintaining a Buy rating. Only 11 analysts have assigned a Neutral rating, while three labeled it a Sell. The average price target is $849.58 per share, with Rosenblatt leading the pack with a Street high of $1,400.

NVIDIA (NASDAQ: NVDA) Stock Performance

NVDA stock fell 1.12% to close at $908.88 on Wednesday. The traders had exchanged hands with 62,961,326 (62.96 million) shares compared to the average daily trading volume of 49.74 million.