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Nvidia: BofA still buying after recent rally

( - On Thursday, Bank of America renewed its Buy recommendation on and $150 target price for Nvidia shares following the stock's recent rally.

The broker notes that the AI chipmaker has climbed 50% since the start of Q2, compared with a 4.4% gain for the S&P 500 index.

After such a score, the stock will become vulnerable to possible profit-taking, BofA warns, although it expects any bout of volatility to be short-lived.

The analyst points out that the group recently insisted that the development of large language model (LLM) and generative artificial intelligence (GenAI) projects were still in their infancy.

Unlike the Internet stock bubble, which was fueled by an overly dangerous reliance on debt, the rise of generative AI is akin to a decisive race between particularly well-funded (cloud) players, the broker points out.

BofA is also optimistic about the future impact of the launch of the Blackwell platform, and notes that Nvidia shares are trading on a P/E of just 30x, taking into account the possibility of a profit of up to $5 per share.

Nvidia remains its preferred stock ('top pick') within the sector.

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