Nvidia Corp. (NASDAQ:NVDA) remains a “top pick” ahead of the release of its fiscal Q4 results on Wednesday, BofA Securities said in a note Thursday.
But the firm said that “a notable but brief pullback after the recent parabolic run-up in the stock” wouldn’t be surprising, with options indicating an implied move of about 11% following earnings.
BofA also said that stock volatility would likely be temporary as investors look ahead to Nvidia’s GPU Tech Conference on March 18 to 21 that will feature important pipeline, partner and artificial intelligence updates.
On AI total addressable market, the firm said it could be taken to the $250 billion to $500 billion range by cloud competition, sovereign AI, enterprise on-premises spending and pricing.
BofA maintained Nvidia’s buy rating with a price objective of $800.