Nvidia’s (NASDAQ:NVDA) GTC developer conference proved a huge win for not just Nvidia’s AI-related product lines but also for Nvidia itself. Investors, meanwhile, gave the stock a significant leg up after positive analyst reactions.
One such positive reaction came from Vivek Arya, an analyst with Bank of America. Arya reiterated Bank of America’s Buy rating on Nvidia and hiked the price target. He raised it from its original $275 to $310, noting that the keynote address at the GTC conference ultimately raised the bar for Nvidia. Now, thanks to Nvidia’s new moves, it can effectively compete in the infrastructure as a service industry, as well as the IT as a service industry, both of which open up markets with a combined value in the “multi-trillion” range, as Arya notes.
Bank of America wasn’t alone here; Raymond James offered similar commentary in the wake of the conference. It noted that the cloud computing opportunities that Nvidia let itself in for could represent annual revenue up to around $1 billion. Better yet, the firm’s gaming division is making a comeback, and the worst of its problems may be over. A set of newly-minted partnerships will certainly help Nvidia advance in a range of computing circles.
Though Nvidia’s upside potential is modest at best, it’s got more than enough analyst support to make up for it. Nvidia stock is considered a Moderate Buy with 25 Buy recommendations, along with six Holds and two Sells.
