Nvidia (NVDA) shares rose to a new intraday high on Monday, as Wall Street analysts hold firm to their bullish positions on the stock ahead of its earnings report in November.
Shares of the leading AI chipmaker rose 3% to above $142, beating Nvidia’s previous intraday high last week of $140.89.
The move comes as Wall Street analysts reiterate their Buy ratings on the stock. Citing strong demand for AI, Bank of America (BAC) on Friday raised its price target on the stock from $165 to $190, while investment research firm CFRA raised its price target for Nvidia last week from $139 to $160. Overall, analysts see shares rising to $148.37 over the next 12 months, according to Bloomberg consensus estimates.
In addition to growth in the AI market at large, Bank of America analyst Vivek Arya said Nvidia’s strength in the enterprise AI space — i.e. its partnerships with companies such as…
