NVIDIA (NVDA) PT Raised to $1,100 at BofA Securities, 'AI Woodstock'

(Updated - March 13, 2024 6:17 AM EDT)

BofA Securities analyst Vivek Arya raised the price target on NVIDIA (NASDAQ: NVDA) to $1,100.00 (from $925.00) while maintaining a Buy rating.

The analyst comments "Raise PO to $1100 (from $925) on top pick NVDA ahead of its GPU Tech Conference (GTC) beginning 3/18, with new 37x CY25 PE (vs. 31x prior) well within 26x to 69x historical range, though higher as NVDA AI TAM grows rapidly. We expect GTC to showcase: 1) Rising impact of genAI, omniverse/digital twins across a wide range of end-markets, 2) Opportunity to re-architect nearly $1-$2Tn of global computing infrastructure with accelerators, resulting in a $250-$500bn annual market (vs $250bn prior) over the next 3-5 years, 3) Pipeline update across accelerators (B100, N100), Ethernet switches, DPU, and edge AI; 4) Monetization update across recurring software (AI Enterprise) and services (DGX cloud, autos, gaming); and 5) Expanding enterprise use-cases and demand from sovereign (countries, regions) and on-prem deployments."

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