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Bank of America Boosts NVIDIA Price Target to $1,500
Jun 3, 2024 4:52 PM - Davit Kirakosyan
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Bank of America analysts raised their price target for NVIDIA (NASDAQ:NVDA) to $1,500 from $1,320, while maintaining their Buy rating on the stock.
This target increase follows NVIDIA CEO's keynote speech at the Computex annual computer expo in Taiwan, highlighting new product announcements that reinforce NVIDIA's leadership in AI. Bank of America emphasized the new GB200 NVL2 platform and the MGX modular reference design platform as key developments.
The bank noted that NVIDIA is targeting the creation of large GPU clusters for major hyperscalers by 2026, which could significantly increase unit sales. Additionally, NVIDIA is focusing on mainstream and enterprise AI applications with its smaller NVL2 and modular MGX platforms.
Bank of America believes NVIDIA's clear multi-generational roadmap and extensive product portfolio are crucial growth drivers. NVIDIA remains the bank's top pick in the chipmaker sector.
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