Nvidia shares jumped, after Bank of America analyst re-iterated his rating.
Bank of America analyst Vivek Arya affirmed the chipmaker’s stock at buy. He also hiked his price target on the shares to $250 from $225. That's the highest among Wall Street analysts, as reported by Bloomberg.
In an Oct. 15 report, Arya mentioned that his confidence on Nvidia’s growth potential has increased due to what he perceives as strength of the company's natural language processing technology.
"Nvidia's data-center growth is on the cusp of benefiting from the next-big artificial-intelligence landmark," the report said. Nvidia is in a "prime position” to benefit from its portfolio of hardware, software and developer systems, as indicated by Arya.