:max_bytes(150000):strip_icc()/GettyImages-2169632405-73377e0d1803408f904b1644438a6b83.jpg){kind=small}
Key takeaways
- Nvidia shares closed at a new high on Monday, just one week after the stock set its previous record.
- The gains came as analysts became more optimistic about stocks, expecting them to rise further.
- Bank of America raised its price target late last week, calling Nvidia a “top pick for AI.”
Nvidia (NVDA) shares rose Monday to close at a new high, just one week after the company set its previous record.
The chipmaker’s stock price rose more than 4% to close at $143.71 on Monday, and its value has nearly tripled this year as demand for the company’s chips to support artificial intelligence (AI) booms.
Analysts say Nvidia shares still have room to rise
Despite the stock’s rapid rise, most analysts believe the stock still has more upside to go. All but one of the 22 analysts tracked by Visible Alpha had a “buy” or equivalent rating on the stock as of Monday, with a consensus price target of $154.19, up from $152.41 a week ago, implying an upside of more than 7% of Monday’s closing price.
Late last week, Bank of America analysts raised their price target on Nvidia to $190 from $165, calling it a “top AI pick.” Analysts pointed to recent comments by Nvidia CEO Jensen Huang, who said demand for the company’s Blackwell AI chips is “insane” in an interview with CNBC Earlier this month.
TradingView
More Stories
Bank of Japan decision, China PMI, Samsung earnings
Dow Jones Futures: Microsoft, MetaEngs Outperform; Robinhood Dives, Cryptocurrency Plays Slip
Strategist explains why investors should buy Mag 7 ‘now’