(News Bulletin 247) – Bank of America raised its price target on Nvidia on Tuesday from $215 to $255, while maintaining its buy recommendation on the chip designer’s title.
In a research note, the broker explains that the ‘war’ launched by the technological giants in order to seize artificial intelligence technologies could result in a fourfold increase in the number of data centers in the next five years .
For the manufacturer of graphics processors, this dynamism could be synonymous with an average annual growth of 25% to 34% of its turnover by 2027, underlines BofA.
While the stock could be faced with an access of volatility in the short term, in particular due to its recent stock market surge (+46% since the start of the year), the broker believes that the group is ‘solidly positioned’ on the long term.
He also makes action one of his favorite values within the IT sector.
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