Bank of America analysts say Nvidia stock could rise 60% from current levels, even as the shares trade near recent highs ahead of next week’s earnings report.

Nvidia closed at $219.74 on Aug. 18 after falling 2.3% during a broader semiconductor selloff. The stock had retreated from recent highs as investors prepared for the company’s upcoming financial results, a reminder that even leaders in the AI chip trade can move sharply around sector-wide sentiment and earnings expectations. Despite the pullback, Bank of America remained bullish. Analyst Vivek Arya kept a $350 price target and a buy rating, citing Nvidia’s valuation, artificial intelligence leadership and cash-flow outlook.

Bank of America Sees Nvidia Reaching $350

Bank of America analysts said Nvidia has additional upside in the coming months and set a $350 price target, which implies a gain of about 60% from the current level. They said ongoing AI concerns have left the stock relatively undervalued.

The bank used a sum-of-the-parts approach to reach its target. In this method, analysts value a company’s individual business segments separately and then combine those estimates into a total valuation.

Other analysts tracking Nvidia also see room for gains. Wells Fargo has a $315 target, while KeyCorp’s target is $330. Among the more bullish firms are Tigress Financial, Baird and Evercore.

Nvidia Has Several Catalysts

Nvidia has multiple catalysts that could support performance in the coming months. One is that the company has begun shipping H200 chips to China after Beijing eased some rules. ByteDance has received 10,000 chips, while other firms have received smaller quantities.

Looking ahead, Nvidia may be able to sell thousands of chips per month to companies such as Moonshot and Alibaba. That would be significant because Nvidia has not done business in China since mid last year. Chinese companies had only been accessing the chips through smugglers, including those linked to Super Micro Computer.

Another development is Nvidia’s recently announced $500 billion chip financing deal involving Goldman Sachs, BlackRock and Blackstone. Under the arrangement, those firms will provide financing to Nvidia customers backed by its GPUs. Nvidia would not face default risk, but would still benefit first from the program.

Nvidia has also made circular investments by allocating capital to companies including CoreWeave, IREN and Nebius. Those companies can now use the funding to purchase Nvidia chips, which would support the company’s revenue.

More recently, Nvidia announced a major agreement to use $105 billion to back OpenAI’s large data center in Ohio. Under the deal, Nvidia will be the exclusive chip supplier for the facility.

Analysts expect Nvidia’s annual revenue to rise 82% this year to $394 billion. Forecasts then call for revenue of $562 billion. Because Nvidia has often beaten estimates, some expect revenue could approach $600 billion next year, which helps explain why investor attention remains fixed on both demand trends and the company’s ability to keep scaling supply.

NVDA Stock Price Technical Analysis

On the weekly chart, Nvidia has remained in a strong uptrend over the past few years and is still trading near its all-time high. The stock has formed an ascending channel and is gradually moving toward the upper boundary.

It has also stayed above the 100-week moving average, indicating that bulls remain in control. Nvidia is likewise above the Supertrend indicator. Based on that setup, the path of least resistance remains to the upside, with the next level to watch at $236.

A drop below the lower boundary of the channel would invalidate the bullish outlook and point to further downside.