Will Nvidia (NVDA) Break Records Again? BofA Thinks So

We recently published a list of 10 AI Stocks on Wall Street’s Radar. In this article, we are going to take a look at where NVIDIA Corporation (NASDAQ:NVDA) stands against other AI stocks on Wall Street’s radar.

NVIDIA Corporation (NASDAQ:NVDA) specializes in AI-driven solutions, offering platforms for data centers, self-driving cars, robotics, and cloud services. On May 23, Bank of America reiterated the stock as “Buy.” The firm is bullish on the stock heading into earnings next week.

Wall Street expects a record quarter from Nvidia, anticipating that the company reports quarterly revenue of $43.38 billion, 66% higher year-over-year. Meanwhile, adjusted net income is expected to be $21.29 billion, or 87 cents per share, up from $15.24 billion, or 61 cents per share, from the year-ago period.

“Despite these near-term headwinds we maintain Buy on NVDA, a top sector pick given its unique leverage to the global AI deployment cycle, and possibility for China sales recovery on new redesigned/compliant products later in the year.”

Analysts on Wall Street currently have a consensus “Buy” rating on the stock. The average price target of $160 implies a 21.8% upside, however, the Street-high target of $235 implies an upside of 79.69%.

Overall, NVDA ranks 4th on our list of AI stocks on Wall Street’s radar. While we acknowledge the potential of NVDA as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.