Bank of America projects Nvidia could reach $350 per share on AI chip supercycle

Bank of America analyst Vivek Arya has reaffirmed his Buy rating on Nvidia with a price target of $350, implying roughly 56-61% upside from the stock’s recent trading range of $219 to $224. The call rests on a simple thesis: Nvidia’s AI-driven revenue is growing so fast that the stock is actually getting cheaper on a forward earnings basis, even as the share price climbs. The numbers behind the bull case Arya’s projections paint a picture of a company consistently outrunning its own guidance. He expects Nvidia’s fiscal Q2 FY2027 revenue to land between $94 billion and $95 billion. Nvidia itself guided for $91 billion. That’s a $3-4 billion gap between what the company promised and what its own bull analyst thinks it will deliver. The gap widens further out. Arya projects Q3 revenues of $107-108 billion, which would top Wall Street’s consensus expectation of roughly $104 billion. Perhaps the most compelling data point in the entire note is Nvidia’s valuation. At approximately 16 times forward earnings, the stock is trading at its lowest multiple in roughly 10 years. Arya has been steadily building his conviction throughout the year, adjusting his price target upward on multiple occa...