Nvidia Corp (NASDAQ:NVDA) shares closed up 0.8% at $138 on Friday, taking its market capitalization to over $3 trillion, but the stock can go higher, according to bullish experts.
Expert Commentary: Ram Ahluwalia, CEO of Lumida Wealth Management is reportedly optimistic about the company touching a $4 trillion valuation.
“There’s no question about it. The demand for GPU chips is strong, and you’re seeing early adopters starting to get some ROI,” Ahulwali told Yahoo Finance.
T. Rowe Price portfolio manager Tony Wang also reportedly shares the confidence.
"You’ve got several more years of AI investment before you hit saturation or a more maturing AI landscape," according to Dan Niles, founder of Niles Investment Management. "You’ll see Nvidia’s revenues double over the next several years, and I think you’ll see the stock double over the next several years,” Niles told Yahoo Finance.
Bofa Securities on Friday maintained their ‘Buy’ rating on the stock and increased its price target for the company from $165 to $190.
In fact, Nvidia has a consensus price target of $234.49 based on the ratings of 38 analysts.
Why It Matters: Nvidia stock is up by nearly 186.5% year-to-date, according to data from Benzinga Pro. The company now has a market cap of about $3.39 trillion.
As of its current valuation, Apple is the only American company with a market cap higher than Nvidia. However, even Apple’s valuation is short of $4 trillion ($3.57 trillion).
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