Bank of America Reaffirms Nvidia as Top Pick with Increased Price Target
- Nvidia reported a record Q1 revenue of $81.6 billion, surpassing analyst expectations by $2.5 billion.
- Data center revenue soared to $75.2 billion, marking a year-over-year increase of 92%.
- Bank of America raised its price target for Nvidia from $320 to $350, indicating a potential upside of over 56% from the current stock price.
- The AI market is projected to grow to over $3 trillion by 2030, with Nvidia expected to maintain approximately a 78% share in the AI accelerator market.
- AWS has committed to deploying around one million Nvidia GPUs through the year 2027.
Despite Nvidia’s stock decline following earnings announcements, Bank of America remains optimistic about its growth potential due to increasing demand in the AI sector and significant customer commitments totaling $145 billion this quarter.
With a strong foothold in the rapidly expanding AI market and substantial purchase commitments, Nvidia is poised for continued growth despite its stock’s recent performance trends.(Source)
