BofA Securities Reiterates Buy on NVIDIA, $200 Price Target

BofA Securities analyst Vivek Arya reiterated a Buy rating and $200 price target on NVIDIA (NASDAQ: NVDA)

“We maintain Buy, $200 PO following slate of product/partner announcements at flagship GTC conference in addition to post keynote meeting with CFO that demonstrate NVDA continuing to deepen its competitive moat in a $1T+ infrastructure/services TAM.

We were excited by: 1) structural uplift in demand in part fueled by over 100x greater compute intensity for inference evidenced by 1.8mn Blackwell packages (each package = 2 GPUs) shipped/ordered to date vs.

1.3mn Hopper units total in 2024 across top 4 CSPs; 2) new Blackwell Ultra, Rubin, and Rubin Ultra silicon/server/system platforms pointing to unmatched roadmap as Rubin advances AI performance 900x (scale-up FLOPs) over Hopper (Blackwell is 68x) in TCO optimized way; 3) new CPO-based Spectrum-X and Quantum-X switches bolster networking edge and advance scale-out to +1mn GPU clusters; 4) physical AI TAM expansion progress w/ key announcements in robotics and AVs; and 5) CFO discussions suggested confidence in GM recovery to mid-70% in 2H as Blackwell ramps.

Overall, NVDA continues to dominate the AI value chain with its full-stack turnkey (hardware, software, systems, services, developers) model.”

This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.