Nvidia (NVDA) shares surged Monday to close at a fresh high, just a week after the company set its previous record.
The chipmaker’s stock price gained more than 4% to finish at $143.71 Monday, and has nearly tripled in value this year as demand boomed for the company’s chips to support artificial intelligence (AI).
Despite the stock’s meteoric rise, most analysts believe the stock still has further to climb. All but one of the 22 analysts covering the stock tracked by Visible Alpha had a “buy” or equivalent rating on the stock as of Monday, with a consensus price target of $154.19, up from $152.41 a week ago and implying over 7% upside from Monday’s closing price.
Late last week, Bank of America analysts lifted their price target for Nvidia even higher to $190 from $165, calling it a “top AI pick.” The analysts pointed to recent comments from Nvidia CEO Jensen Huang, …