NVIDIA rebounds after a 33% raise in Bank of America’s price target

  • NASDAQ:NVDA gained 2.08% during Thursday’s trading session.
  • Bank of America raises its price target and makes NVIDIA a top pick.
  • NVIDIA rival AMD gets its own upgrade from Rosenblatt.

NASDAQ:NVDA rebounded nicely on Thursday as a large number of popular growth names took a breather from the recent downward spiral. Shares of NVDA bounced back by 2.08% and closed the trading day at $281.78. The day started off with red across the board but at some point during the morning session, the markets bounced higher. Despite this bounce, all three major indices still traded below water, with the Dow Jones cutting 170 basis points and the S&P 500 and NASDAQ both falling by 0.1%. Stock futures were pointing higher after trading hours on Thursday ahead of the key December jobs report that should be announced before the market opens.

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NVIDIA bulls received some promising news for the stock on Thursday as it once again made Bank of America’s Top Picks list for the year. The investment bank reiterated its buy rating for NVIDIA and raised its price target to an impressive $375, which represents a 33% upside for the stock. Bank of America focused on NVIDIA’s gaming market as the key revenue maker for the company, citing that the high margins for its GPUs will likely lead to triple the sales in 2022.

NVIDIA stock chart


Not to be outdone, NVIDIA’s rival AMD (NASDAQ:AMD) also received an upgrade earlier in the week. Rosenblatt Securities reiterated its buy rating for AMD and provided a generous price target of $180. The analyst pointed towards AMD’s mobile chip segment as a focus and also pointed out that the company has over 200 premium platforms set to debut at some point in 2022.

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