Nvidia Corporation (NASDAQ: NVDA) shares hit another all-time high after an analyst from Bank of America Merrill Lynch raises its price target for the chipmaker.
Analysts Vivek Arya raised his price target for Nvidia to $210 from $185, representing about 16.6 percent upside from Friday’s close.
"Our positive view on Nvidia is based on its underappreciated transformation from a traditional PC graphics chip vendor, into a supplier into high end gaming, enterprise graphics, cloud, accelerated computing and automotive markets," Arya wrote in a note to clients Sunday.
Nvidia shares jumped as much as 4.7 percent to 188.58 in the early trading, after a 6 percent increase last Friday. This is a new all-time high for the stock. The stock has gained 76 percent this year.
Arya reiterated his buy ratings for the chipmaker, citing that the company’s products are leading in the booming artificial intelligence industry.
"Separately we note NVDA's first mover advantage and growing influence in the multi trillion $ healthcare industry where AI/deep learning is being used for predictive analytics, image scanning and pathology assessments," the analyst wrote. "Indeed about 50% of submitted papers at last week's Medical Imaging Computing conference (MICCAI) were on deep learning."