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Bank of America Doubles Down on Nvidia (NVDA) Stock as ‘Best of Breed’

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Nvidia (NASDAQ:NVDA) stock is heading higher on Tuesday after Bank of America added the company’s shares to its Best of Breed list.

This has the firm highlighting NVDA as one of the best shares on the market. This makes sense as analysts have been praising Nvidia alongside major interest in its artificial intelligence (AI) chips and business.

To go along with that, Bank of America reiterated its “buy” rating for NVDA shares. The firm also has a $150 price target set for NVDA stock. For the record, the analysts’ consensus for Nvidia is moderate buy and $122.13 per share.

NVDA Stock Commentary

Here’s what Bank of America has to say about Nvidia as it adds the company’s shares to its Best of Breed list today, as reported by CNBC.

“BoB [best-of-breed] stocks have strong management, balance sheets, EPS growth, cash flow; the highest quality companies generate the best relative returns long term and protect against volatility short term.”

NVDA stock also got an increased price target today from Jefferies analysts. You can check out that news here.

NVDA stock is up 5.5% as of Tuesday afternoon with some 239 million shares traded. That’s still below its daily average trading volume of about 440 million shares.

Investors will want to stick around for all of the latest stock market stories!

We have all of the hottest stock market news ready to go on Tuesday! Among that is what has shares of Amazon (NASDAQ:AMZN), Tesla (NASDAQ:TSLA) and SolarEdge (NASDAQ:SEDG) stock in the news today. All of that info is ready at the following links!

More Tuesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2024/06/bank-of-america-doubles-down-on-nvidia-nvda-stock-as-best-of-breed/.

©2024 InvestorPlace Media, LLC

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