Analyst Predicts Nvidia Stock Should Be 42% Higher
Bank of America's (NYSE: BAC) top semiconductor analyst, Vivek Arya, recently raised Nvidia's (NASDAQ: NVDA) price target from $300 to $320, implying roughly 42% upside from its closing price as of May 15. The bullish call is supported by Bank of America's increasingly optimistic view of the AI opportunity.
The company has raised its estimate of the total addressable market for AI data center systems from $1.4 trillion annually to $1.7 trillion by 2030. The research company also expects Nvidia to continue capturing more than 70% of the AI infrastructure market in the coming years, despite intensifying competition from Advanced Micro Devices and other companies developing custom chips.
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Source Fool.com
