Nvidia could be positioned for even more growth ahead, according to Bank of America.
Analyst Vivek Arya reiterated his buy rating on the chip giant and raised his price target by $25 to $190. That reflects around 38.8% upside from Thursday's close. That would add to the monstrous rally it has already seen this year, with shares surging more than 176% in 2024.
mountain NVDA, 1-day The analyst thinks recent events in the industry — such as Taiwan Semiconductor's third-quarter results and Nvidia CEO Jensen Huang saying earlier this month that demand for its Blackwell chip is "insane" – could increase the company's competitive lead and generational opportunity. Not only that, Arya cited "underappreciated" enterprise partnerships with companies such as Accenture and ServiceNow as catalysts for more growth.
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