Nvidia (NVDA) Stock Price: Bank of America Predicts Further 40% Upside Despite 190% YTD Gain
TLDR:
- Nvidia stock is up 190% YTD with BofA analyst predicting 40% more upside
- New Blackwell chips are already sold out for next 12 months with 25x performance improvement
- Company expected to generate $200B in free cash flow over next two years
- Stock trading at 37x forward P/E, considered undervalued by some analysts
- Long-term sustainability concerns exist around AI infrastructure spending
The semiconductor giant Nvidia continues its remarkable market performance in 2024, with its stock price up 190% year-to-date and trading near record levels. The company’s shares have seen an 18% increase in October alone, reflecting strong investor confidence in its artificial intelligence chip business.
