Analysts are falling back in love with Nvidia, with Citi giving it almost 100% upside

Both Citi and JPMorgan love the stock, giving it serious upside potential.

Analysts are once again starting to get bullish on Nvidia , after the semiconductor giant lost favor amid geopolitical tensions and a slowdown in the chip sector. Citi and JPMorgan both said last week that solid demand in PC gaming, as well as cloud adoption in data centers, were set to be tailwinds for Nvidia. That's after the firm unveiled new flagship gaming chips that use artificial intelligence to enhance graphics.

"NVIDIA is well-positioned to continue to benefit from major secular trends in AI, high performance computing, gaming, and autonomous vehicles, in our view," JPMorgan said. "Bottom line: NVIDIA continues to be 1-2 steps ahead of its competitors from silicon/systems, software, and ecosystem adoption." The bank has an overweight rating on the stock, and price target of $220. That's an upside of around 75% from its Friday close of $125.16.

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