BofA Securities Reiterates Buy on NVIDIA, $160 Price Target

BofA Securities analyst Vivek Arya reiterated a Buy rating and $160 price target on NVIDIA (NASDAQ: NVDA).

“We listened to NVDA CEO’s Computex 2025 keynote, and then had a chance to virtually catch-up with management (CFO) post the event.

Takeaways: 1) Expanding portfolio: broad set of AI products across cloud, enterprise, humanoid robots, workstation, gaming, software libraries, quantum, 6G – all underlying what NVIDIA Corporation (NVDA) referred to as a “multi Trillion $ AI factory” industry; 2) TAM expansion with new NVLINK Fusion: opens up NVDA’s proprietary interconnect and networking tech to third party custom accelerator (ASICs) and CPUs; 3) Rack-scale in full production: high confidence in rack-scale GB200 NVL 72 Blackwell Systems, with easier transition path to next-gen Blackwell Ultra GB300 systems from Q3; 4) RTX Pro enterprise server: extends AI into enterprise, more competition for legacy x86; and separately 5) Sovereign AI buildout: some benefit from last week’s Middle-East deals in 2HCY25 though more benefit from CY26 onwards (5-yr project) given time required to stand-up new infrastructure.

Reiterate Buy on NVDA as our top sector pick.

Next important catalyst May-28 FQ1 earnings call which could be contentious due to (uneven sell-side inclusion) related to recent restrictions on China H20 shipments.”

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