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BofA hikes Nvidia stock target ahead of GPU Tech Conference

Published 03/13/2024, 08:05 AM
© Reuters

With the Nvidia (NASDAQ:NVDA) stock price continuing to climb, analysts are adjusting their targets for the shares.

Bank of America made the move Wednesday, hiking its price target for the semiconductor company to $1,100 from $925 per share.

NVDA shares are up 1.2% premarket at $930.30 per share. The company is now the third most valued in the world, above Alphabet (NASDAQ:GOOGL), Amazon (NASDAQ:AMZN), and Saudi Aramco (TADAWUL:2222), with a market cap of $2.297 trillion. It remains a top pick at BofA.

The firm, which maintained a Buy rating on the stock, told investors it still sees a larger opportunity for the company due to its stronger pipeline and "still compelling valuation" ahead of the GPU Tech Conference on March 18.

Bank of America expects the conference to showcase the rising impact of genAI and omniverse/digital twins across a wide range of end markets and the opportunity to re-architect nearly $1 trillion to $2 trillion of global computing infrastructure with accelerators.

They also expect a pipeline update across accelerators (B100, N100), Ethernet switches, DPU, and edge AI, alongside a monetization update across recurring software and services.

Updates on expanding enterprise use cases and demand from sovereign (countries, regions) and on-prem deployments are also expected.

Overall, 50 Wall Street analysts covering Nvidia currently have a Buy rating on the stock, 11 have assigned it a Neutral rating, and three have assigned it a Sell rating. The Average price target is $849.58 per share, with Rosenblatt the Street high at $1,400.

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