On September 6, we said, “Nvidia (SYM: NVDA) is looking interesting again. After plummeting from about $130 to $106.21, the tech giant has become technically oversold. It’s also over-extended on RSI, MACD and Williams’ %R. Helping, Bank of America just reiterated NVDA as a buy with a price target of $165.”
At the time, NVDA traded at about $106. Today, it’s up to $116. Currently consolidating at $116, we’re looking for NVDA to break higher with a potential retest of $130.
Helping, analysts at William Blair just said, “The rising AI tide has catapulted parallel computing to the forefront of the tech industry and has driven massive demand for the company’s GPUs and parallel computing stack. As evidence, Nvidia’s data center revenue grew 217% in fiscal 2024 and is expected to grow 132% in fiscal 2025, exceeding $110 billion in revenue (up dramatically from $15 billion in fiscal 2023),” as quoted by TipRanks.com.
Bank of America also reiterated NVDA as a buy with a price target of $165.
“AI capex is not just driving new business opportunities, it’s also critical in protecting existing moats and large profit pools in search, social and enterprise (chat, copilot) workloads. The tech industry will give itself at least another 1-2 years of intense buildout of NVDA Blackwell chip with its 4x lift in AI training and 25x+ lift in inference,” said the firm, as quoted by CNBC.
