By Sam Boughedda
Investing.com — Analysts at Truist and Bank of America hiked their price targets on Nvidia Corporation (NASDAQ:NVDA) shares Wednesday.
After attending the virtual GTC Keynote of Nvidia CEO Jensen Huang, BofA analyst Vivek Arya labeled the stock as being "uniquely ready" to address new technologies in robotics, AI, the metaverse, auto, and "any new markets that materialize," due to its combination of hardware, software, and developers.
The analyst sees an extra $10 billion in revenue if there is just a 5% penetration of Omniverse Enterprise by 2025. This will translate to $1.50 in EPS, powering a long-term EPS estimate of $10 from $8.50 previously.
Arya raised the Nvidia price target to $340 from $275, keeping a buy rating.
Elsewhere, Truist analyst William Stein also increased Nvidia's price target to $360 from $257, keeping a buy rating. Stein said that Nvidia's software investments are "becoming more prominent" after the company presented new software tools and AI models at its GTC event.
Nvidia stock fell 2% near $300.38.