NVIDIA (NASDAQ:NVDA) saw its shares rise after Bank of America included the company’s stock in its Best of Breed list. Analysts have been praising Nvidia for its AI chips and business, making it a strong contender in the market. Bank of America reiterated its “buy” rating on NVDA stock and set a price target of $150, while the analyst consensus stands at $122.13 per share.
Bank of America highlighted NVDA as a Best of Breed stock due to its strong management, balance sheets, and growth potential. The firm believes that high-quality companies like Nvidia can generate the best long-term returns and protect against short-term volatility. Jefferies analysts also raised the price target for NVDA stock.
NVDA shares were up 5.5% on Tuesday afternoon, with trading volume slightly below the daily average. Investors are advised to stay tuned for the latest stock market news, including updates on Amazon (NASDAQ:AMZN), Tesla (NASDAQ:TSLA), and SolarEdge (NASDAQ:SEDG) stocks.
This article was originally published by InvestorPlace Media and does not contain any direct or indirect positions held by the author, William White. The opinions expressed in this article reflect those of the author and are subject to InvestorPlace.com’s publication guidelines.
Article Source
https://investorplace.com/2024/06/bank-of-america-doubles-down-on-nvidia-nvda-stock-as-best-of-breed/
