Posted 3/14/2024, 12:42:00 AM
BofA Raises Nvidia Target to $1,100, Sees Room to Run Despite $2 Trillion Valuation
- Nvidia stock doesn't look expensive even if valued at $2 trillion, according to Bank of America
- BofA increased its Nvidia price target to $1,100 ahead of its AI event, seeing 24% upside
- Nvidia is trading at lower forward P/E ratio than in Nov 2022 when ChatGPT launched
- While most investors own Nvidia, they still underweight it relative to its presence in S&P 500
- Nvidia's upcoming GPU event may detail its total addressable market reaching $250B-$500B in 3-5 years
