This article first appeared on GuruFocus.

BNP Paribas lifted its Nvidia (NASDAQ:NVDA) price target to $345 from $285, maintaining an Outperform rating as it sees the chipmaker benefiting from the shift toward more demanding AI inference workloads.

The revised target represents about 47% upside from Nvidia’s Oct. 2 closing level of $234. BNP Paribas expects the company to retain at least three-fourths of the AI computing market by dollar value, despite gains by AMD and custom-designed accelerators.

The brokerage’s view extends beyond Nvidia’s graphics processors. It sees the upcoming Vera Rubin platform, which combines computing, networking and other components, as…