BofA Securities analyst Vivek Arya raised the price target on NVIDIA (NASDAQ: NVDA) to $340.00 (from $310.00) while maintaining a Buy rating.

"Surging AI workloads in cloud/enterprise data centers could shift more computing horsepower/value towards specialized accelerators (such as NVDA GPU and custom chips from Broadcom/Marvell) and away from traditional x86-based INTC/AMD server CPUs. We estimate the crossover happens in CY23E, driving accelerator sales above $40bn by CY25E (37%+ CAGR from CY22), while x86 CPU grow at modest 3% CAGR to $26bn. Implications: 1) Positive for NVDA (and custom chip enablers AVGO/MRVL), but 2) Mixed for AMD (server share gains, accelerator options, Xilinx synergies) and 3) negative for INTC (75% server CPU share exposed to competition from AMD, Arm, accelerators)."