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Nvidia Extends Gains After BofA Raises Price Target

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By Dhirendra Tripathi

Investing.com – Nvidia (NASDAQ:NVDA) shares extended the weeks’ gains by another 3% Friday as the chip maker attracted another price target increase, this time from BofA.

Analysts are bullish on chip makers, and particularly Nvidia, as companies and individuals adjust to a hybrid work-personal life environment with surging demand for laptops, mobile devices, cloud services and data centers.

BofA (NYSE:BAC) analyst Vivek Arya raised the target to $900, a 17% upside from the current level of $769.57. He reiterated his buy rating on the stock.

Arya’s target price is a Street high, surpassing Jefferies' (NYSE:JEF)’ Mark Lipacis’ $854 peg given a day earlier.

According to Arya’s note, rising adoption of AI and expanding use-cases can help Nvidia double its content and treble sales from data centers over time.

Thursday, Cleveland Research analyst Chandler Converse initiated coverage of the stock with a buy.

Nvidia has guided for fiscal 2022 second quarter revenue to come at $6.30 billion with plus or minus 2% variation.

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