Nvidia Leads As 'AI Woodstock,' Analyst Says, With GenAI Set To Double Data Center Market To $2 Trillion (CORRECTED)
Portfolio Pulse from Surbhi Jain
Nvidia Corp (NASDAQ:NVDA) has seen a significant rise, with a 245% increase through 2023 and an additional 80% in 2024, amid the AI-driven stock surge. BofA Securities analyst Vivek Arya maintains a Buy rating on NVDA, raising the price target from $925 to $1,100, indicating a 28.2% upside. Arya highlights Nvidia's central role in the AI landscape and its potential for growth, especially with genAI expected to double the data center market to $2 trillion. Despite a current dip in NVDA's stock price, Arya sees untapped upside potential.
March 13, 2024 | 4:19 pm
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POSITIVE IMPACT
Nvidia Corp is highlighted for its significant growth and central role in the AI market, with a price target increase from $925 to $1,100 by BofA Securities, indicating a strong buy recommendation.
The analyst's optimistic view and the price target increase reflect strong confidence in Nvidia's growth potential, especially with the expansion of the data center market driven by genAI. Despite a current dip, the long-term outlook remains positive, suggesting a likely increase in NVDA's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100